My own view is that in addition to the recommendation, the forecasts are unnecessarily cautious. I believe an EPS of 0.85 is closer, but even that still leaves room for market and operating environment risks. The valuation could be P/E 20, whereas Inderes had it at 19.5 before the report. Now it’s P/E 18.5 based on the €15 target price before the Q1 report. With a P/E of 20, we reach a TP (target price) of €17, which I think it should be without being overly cautious.
The company benefits from AI, its own operations are very efficient, there’s a 4% dividend yield, room for acquisitions, good return on capital, and the firm possesses resilience even in a difficult market.
By the way, there was also a block trade of approximately 700,000 shares of Alma today. An interesting addition with the ownership arrangements.