Redeye has updated our estimates and fair value range in response to Physitrack’s Q4 2023 report, which slightly missed our topline expectations due to lower-than-anticipated sales in the Wellness division. Despite this, we anticipate a profitable 2024, with a softer first half followed by a stronger second half. The adjustments to our fair value range account for the impact of a weaker EUR/SEK and our forecast adjustments, resulting in a new Base case of SEK35 (previously SEK38) per share. Considering that the share is trading at EV/EBIT 13x and EV/Sales 1.2x based on 2024e, we continue to observe a significant discount compared to its peers.
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