Digital Workforce: More profitable strong growth ahead
Digital Workforce's net sales grew strongly in line with our expectations in Q4. The result clearly exceeded our estimates supported by reported efficiency measures. The company also unexpectedly gave a guidance for 2023 and issued new, more realistic medium-term targets. We expect growth to continue as strong and with the rapid profitability turn and earnings focus, we again raised our earnings estimates clearly. We feel the share's valuation remains very attractive from a number of angles (2023e EV/S 1.1x, SOTP 5.6 and DCF 8.1), particularly considering the profitability turnaround.
Digital Workforce
Digital Workforce is a service provider that specializes in process automation services on an industrial scale. The company's service offering covers the entire life cycle of intelligent automation: design and consulting, development and deployment, cloud-based platform, support and maintenance, and further development. The company offers services and solutions to a wide range of customers in various industries, including finance, healthcare, industry, logistics, and various public actors.
Read more on company pageKey Estimate Figures28.02.2023
2022 | 23e | 24e | |
---|---|---|---|
Revenue | 25.5 | 30.2 | 36.2 |
growth-% | 13.90 % | 18.58 % | 19.85 % |
EBIT (adj.) | -1.3 | 0.8 | 2.4 |
EBIT-% (adj.) | -4.99 % | 2.74 % | 6.50 % |
EPS (adj.) | -0.15 | 0.06 | 0.19 |
Dividend | 0.00 | 0.00 | 0.00 |
Dividend % | |||
P/E (adj.) | - | 61.44 | 20.13 |
EV/EBITDA | - | 23.08 | 9.08 |