Q4 triggered limited EBITDA revisions, but '23e EBITA -14%
While the proforma growth came in slightly below the company's organic growth target of >30%, it was mainly dragged down by an underwhelming performance of Fysiotest, which we already knew was underperforming, and the PT courses subscription transition that naturally pushes back revenue. Opex ex. D&A continued up as a result of opportunistic investments, and weighed on the adj. EBITDA margin, which saw a second consecutive decline sequentially as expected. The D&A, however, took a significant step-up from Q3'22, resulting in a Q4 adj. EBIT well below our expectations. In total, despite limited '23e-'24e adj. EBITDA revisions, the new D&A run-rate makes us lower '23e-'24e adj. EBITA by 14-11%, and adj. EBIT by 22-15%.
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