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Ahead of Solwers' Q2 report on 30 August, we update our estimates to reflect two acquisitions conducted in Q3, which on an annual basis increase revenue by ~4%. At the same time, we lower our organic growth estimate for 2024 from -2% to -3% and our 2025 estimate from +4% to +3%, as we see a risk of a somewhat postponed recovery in the market. Our fair value, excluding any unannounced M&A in 2025-26, remains unchanged at EUR 4.4-5.4, while we trim our fair value including unannounced M&A to EUR 5.1-6.0 (5.2-6.1). The Solwers share price has been surprisingly weak recently and is down 33% year-to-date. The share is trading at a substantial discount to all relevant peers and even without any unannounced M&A in our estimates, we see over 30% potential upside. Marketing material commissioned by Solwers.
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