NFON: Q1 in line with muted expectations - NuWays AG Research
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NFON: Q1 in line with muted expectations - NuWays AG Research

Yesterday, NFON published its Q1'26 figures. Revenue and profitability came in soft, as widely expected given the subdued macro backdrop.

Valuation remains attractive at 5.3x FY26e EV/adj. EBITDA for a cash generating business with strong recurring revenues. BUY, € 8.30 PT.
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