Digital Workforce: More profitable strong growth ahead
Digital Workforce's net sales grew strongly in line with our expectations in Q4. The result clearly exceeded our estimates supported by reported efficiency measures. The company also unexpectedly gave a guidance for 2023 and issued new, more realistic medium-term targets. We expect growth to continue as strong and with the rapid profitability turn and earnings focus, we again raised our earnings estimates clearly. We feel the share's valuation remains very attractive from a number of angles (2023e EV/S 1.1x, SOTP 5.6 and DCF 8.1), particularly considering the profitability turnaround.
