Pauli has written a new company report following Tamtron’s H2 results 
The weaker-than-expected H2 report led to moderate forecast changes for the coming years, but in the big picture, the story remains unchanged. Strategic growth work, including the internationalization of SaaS and system sales, continues. We expect earnings performance to pick up in the current year, driven by both reasonable revenue growth and the conclusion of the ERP project last year. In our view, the valuation is attractive relative to the company’s value creation profile even with the lowered forecasts. We lower our recommendation to Accumulate (prev. Buy) and the target price to EUR 6.0 (prev. EUR 6.4).
Quoted from the report:
Relative profitability strengthened significantly
H2 EBITDA was EUR 4.0 million and improved by EUR 1 million relative to a weak comparison period. Relative profitability was supported particularly by favorable development in the gross margin, influenced by successful system deliveries and the gradual positive impact of SaaS growth on the company’s margin profile. Adjusted EBIT was EUR 2.9 million (H2’24: EUR 2.2 million, forecast: EUR 3.5 million).