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Precise Biometrics: Firmly on the path to Algo recovery - ABG

H2'23e Algo recovery increasingly likely
'23e-'25e sales down 2-5%
'23e-'24e EV/EBITDA of 19-9x


Q1'23 in brief

Q1'23 came in slightly below our expectations on sales but in line with our expectations with respect to EBITDA, as the company continued to exert solid cost control. While the Algo segment continued to be adversely impacted by overstocked OEMs, the Digital Identity segment continued to successfully execute on the commercialisation agenda.
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