Aktieanalys

Free2Move: Growth and improved focus on profitability catalysts for steep revaluation - Emergers

Emergers Publicerad: 19 Feb 13:37

As expected, Free2Move reported solid growth in Q4, achieving a 59% growth rate for the full year. However, foreign exchange (FX) fluctuations, ongoing supply chain issues and one-offs continued to impact profitability, resulting in a full-year EBIT of SEK -18m. With a mixed picture for market demand, F2M will now increase focus on profitability in 2024. Should the company manage to secure the necessary financial leeway, we expect it to reach profit in 2025. With support from the SEK 23m backlog, this should drive a revaluation of the bargain basement valuation at EV/Sales 0.2x 2024e and EV/EBITDA <3x 2025e. All in all, we find support for a fair value of SEK 0.19-0.24 per share, but note that financing remains an issue.

Länk till analysen i sin helhet: https://www.emergers.se/free2move_e/

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