Looking at the periods following previous crises, we observe that eWork has seen strong demand for its services in the subsequent years (i.e. during the recovery), and we think that this will prove true following COVID-19 as well. For 2020-2023e, we see sales and EBIT CAGRs of 8% and 12%, respectively. Both of these numbers are supported by the fact that eWork recently exited a period of major investment into its product portfolio. On our new estimates, eWork’s share is trading at 16x EV/EBIT on 2021, and 15x on 2022.
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