Northbaze Group Q4’20: Strong Quarter for Adiantes and Smart Mobility
Redeye raises its base case valuation of Northbaze on the back of a strong year-end report with 50% y/y growth, accompanied by an 8% EBITDA margin. We argue that the new level of stability in the business following four profitable quarters, together with a good outlook for growth, merits an increased base case valuation.