Genovis' Q2 came in showing a minor deviation on sales (-5% vs REe) while painting a positive picture for H2. The cost base was elevated with a oneoff relating to the KPL acquisition, if adjusted for that it aligned with our EBITDA estimate. The market cautiously negative interpreted the report yesterday and the stock now screens as "Attractively Priced" trading at a ~45% discount to Redeye's fair value.
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