Enento’s Q4 result exceeded our forecasts due to strong profitability development. Guidance expecting earnings growth from a slightly higher level than we anticipated led us to make minor forecast upgrades. While no strong recovery is yet visible in the outlook, the direction appears to be improving. Considering the picking up earnings growth and moderate valuation (26e adj. P/E 12x), we find the risk-reward ratio attractive. We reiterate our target price of EUR 17.0 and our Accumulate recommendation.
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OP reiterates BUY and a target price of 20.00