Inderes - Lowers guidance ranges: new EBITA mid-point 34% below SEB estimate
Inderes issued a profit warning, as its virtual event business (outside the core client sector) continues to lag behind its targets. The key impression is that the previous year's strong performance by Flik was supported by Covid and future years' growth must be built on a lower base. We also find that the lack of IPOs erodes the FY/22 performance. Using the new guidance range mid-point, the share is currently trading roughly at an EV/EBITA of 31x (2022E).
Inderes
Inderes operates in the financial industry. The company provides a community platform for investors and listed companies. Via the platform, users can communicate with each other and exchange investment tips. The customers consist of both companies and private individuals. In addition, the company offers analysis services and a basis for investment decisions. The largest operations are in the Nordic region.
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