Innofactor: Calmly forward despite headwinds
Although the company's result still grew, it was below our estimates. The order backlog and improved cost structure still support earnings growth, which the company's guidance also expects as usual. However, the tight expert market and Swedish business continue to restrict development. With good cash flow and a strengthened balance sheet, the company's risk profile has improved. With our estimates the share’s valuation image is still attractive in our view (2022e EV/EBIT 9x).
Innofactor
Innofactor operates in the IT sector. The company is focused on offering services in digitization and cloud-based solutions. Examples of business areas include sales, marketing and communication, business intelligence, and CRM (Customer Relationship Management). The largest presence is found in the Nordic market and customers consist of small and medium-sized corporate customers. The head office is located in Espoo.
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