Enento: Operating environment is not easing any time soon
We consider the stock price reaction to the profit warning to be strong, despite the decline in forecasts. We see an improved expected return for the share following the price decline, but do not consider the valuation (2023e EV/EBIT 13x) to be exceptionally attractive given the weak near-term drivers of the business. Thus, we are waiting for an even better risk/return ratio to take a stronger view on the stock.
