Ahead of the Q4 numbers we do only slight adjustments to our 2020 forecast and cut 2021-22 EBIT forecast by 2-5%. We continue to expect lower workforce to start 2021, but anticipate profitability at solid levels driven by cost control and improved utilization. Valuation remains undemanding (21E EV/EBIT at 10.4x), but investors are likely to require further signs of stabilisation before accepting materially higher multiples.
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