Outlook was positive as org. growth in jan'23 was 20% and freight costs are expected to come down (while not fully reflected in income statement yet). We deem the cash flow generation as well as the net debt reduction to be positive from both an operating and financial point of view.
Implied valuation
Humble Group’s share is up ~7% YTD and is trading at ‘23e EV/EBITA of 9.2x on our unrevised estimates.
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