Redeye har publicerat en ny rapport på Boreo efter Q1. Base case höjs från 22 € till 25 €.
Valuation: New base case EUR25 (22)
We increase our base case to EUR25 (22) per share, with a valuation range of EUR 12-46
(11–41). Boreo’s share trades at c13x EV/EBITA on our 2026e estimates. We believe the
company’s layers of leverage (conventional debt and hybrid bonds) make its common
share a derivative on company performance. Strengthening margins and renewed profit
growth should improve Boreo’s financial position, providing torque for common-share
value appreciation.