NFON: Trading still soft but AI acceleration set to kick in - NuWays AG Research
Yesterday, NFON published its FY25 annual report, confirming the preliminary figures released in February and providing additional colour on the AI transformation and FY26 outlook.
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Against this backdrop, current valuation levels appear undemanding as shares are trading at a mere 5.3x FY26e EV/adj. EBITDA. Reiterate BUY with a new PT of € 8.30 (old: € 8.70) based on DCF.
