Northbaze Group: Well Positioned for 2021

During the pandemic, Northbaze has slightly outperformed our overall estimates, most notably by reducing its cost base efficiently while achieving about the same topline. This has resulted in an EBITDA above breakeven in the last three quarters adding stability to the case. Northbaze has now set its aim towards profitable growth. Following a solid report and a strong order book for Q4, we have increased our base case valuation..