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Third party research

Movinn: Stronger Quarters Ahead - Analyst Group

Movinn

This is a third party research report and does not necessarily reflect our views or values

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Movinn has started the year of 2023 strongly regarding revenues, delivering above our expectations, but with a more challenging development on the cost side. Going forward, we expect costs to decrease in relation to revenues as demand improves, while revenues is expected to keep growing at a steady pace. This, together with the Company being expected to decrease its investments as a result of slower unit growth and taking on larger projects with more units at once, is expected to improve cash flows in the coming years. With an estimated EBITDA of DKK 11.4m in 2023, and with an applied target multiple of EV/EBITDA 16x, a potential fair value per share of DKK 10.2 is derived in a Base scenario.
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