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Redeye concludes that Nepa's Q3 report beat estimates across the board. Revenue was 13% above Redeye's estimates, where recurring revenues was in line with expectations, whereas ad-hoc revenues came in significantly stronger. The stronger ad-hoc sales indicates that the worst appears to be over for Nepa - confirmed also in the CEO letter. Profitability was also stronger than expected. Nepa states that it is set to beat the targeted cost base of SEK 220 million in 2024, implying a lower cost base next year than Redeye had expected. This further strenghtens Redeye's belief about Nepa trading on a mid-single-digit FCF multiple for next year. Redeye will raise its estimates and valuation range and expects a strong share-price development today.
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