Redeye remains positive to Strax after a solid Q2-beat, with topline growth of 27% y/y. We had expected a rather tough Q2. Instead, the agile company profile paid off, as the newly launched health & wellness segment sold for EUR 13.3m already in its first quarter. The strong performance will justify an increased base case valuation.
Overall the report was well above our expectations, with a solid topline beat as well as on EBITDA level.
We will increase our financial projections for H2, which will justify an increased base case valuation of SEK 5 per share.
The share traded in positive territory around 3.5 in the first hours of trading, a little weak reaction to STRAX solid performance in the quarter, we argue.