Tietoevry: Strong growth, but headwinds from inflation
Tietoevry's big picture was already known due to the Q3 preliminary data and organic growth was very strong, while profitability was slightly soft. The company also revised its guidance last week, indicating better growth with slightly lower profitability. We expect Tietoevry to deliver moderate earnings growth in the coming years, constrained by inflation and price competition. In our view, Tietoevry's expected return (>10%) is good, but not superior enough to justify a Buy recommendation. In addition, a good risk/return ratio is now also available in the rest of the IT services sector and other listed companies.
Tietoevry
Tietoevry är verksamt inom IT-sektorn. Inom bolaget erbjuds ett utbud av mjukvaru- och molnbaserade lösningar, med störst specialistkompetens inom SaaS-lösningar. Kompetens återfinns inom affärsprocesser, applikationstjänster, infrastrukturlösningar, samt front-end lösningar. Kunderna återfinns inom ett flertal marknader på global nivå. Bolaget kom till under 2019 via en sammanslagning av Tieto och EVRY. Huvudkontoret ligger i Helsingfors.
Read more on company pageKey Estimate Figures2022-10-28
2021 | 22e | 23e | |
---|---|---|---|
Omsättning | 2 823,3 | 2 945,7 | 3 061,4 |
tillväxt-% | 1,33 % | 4,33 % | 3,93 % |
EBIT (adj.) | 367,7 | 376,4 | 387,7 |
EBIT-% | 13,02 % | 12,78 % | 12,66 % |
EPS (adj.) | 2,20 | 2,35 | 2,42 |
Utdelning | 1,40 | 1,40 | 1,50 |
Direktavkastning | 5,09 % | 7,85 % | 8,41 % |
P/E (just.) | 12,50 | 7,59 | 7,37 |
EV/EBITDA | 7,07 | 6,60 | 5,83 |