Boreo (Q3 review): Operating leverage at last - Redeye
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Boreo (Q3 review): Operating leverage at last - Redeye

Redeye updates its estimates and valuation after Boreo's Q3 2026 report. Organic growth of 25% and almost flat costs doubled adjusted EBITA to EUR3.5m, well above our estimate and consensus. We raise our adjusted EBITA estimates by c30% for 2026–2028e, and our fair value rises from EUR26.2 to EUR34.8.

Redeye updates its estimates and valuation after Boreo's Q3 2026 report. Organic growth of 25% and almost flat costs doubled adjusted EBITA to EUR3.5m, well above our estimate and consensus. We raise our adjusted EBITA estimates by c30% for 2026–2028e, and our fair value rises from EUR26.2 to EUR34.8.
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