Efecte’s Q1 was slightly brighter than we expected and again offered evidence of stable growth. Longer-term market trends are favorable, and the company has patiently built an engine for growth, whose parts are starting to snap into place. We do not find any cracks in the company’s long-term growth story at this time. We do, however, feel that the share’s valuation (2021e EV/Sales 5.7x) has stretched too far compared to the company’s growth and profitability. We step aside for a breather after the strong share price rise.
Efecte
Efecte is a software company. The company develops cloud-based software for services and identity management to digitize and automate operations in organizations and the production of services. The company was founded in 1998. The company's headquarters are in Espoo and the company has offices in Sweden and Germany in addition to Finland.
Read more on company pageKey Estimate Figures2021-04-30
2020 | 21e | 22e | |
---|---|---|---|
Revenue | 14.9 | 16.9 | 19.8 |
growth-% | 7.59 % | 13.42 % | 17.13 % |
EBIT (adj.) | -0.3 | 0.5 | 1.4 |
EBIT-% (adj.) | -2.10 % | 3.11 % | 7.25 % |
EPS (adj.) | -0.06 | 0.09 | 0.23 |
Dividend | 0.00 | 0.00 | 0.00 |
P/E (adj.) | - | 172.96 | 65.19 |
EV/EBITDA | 477.96 | 92.66 | 45.31 |