Inderes issued a profit warning, as its virtual event business (outside the core client sector) continues to lag behind its targets. The key impression is that the previous year's strong performance by Flik was supported by Covid and future years' growth must be built on a lower base. We also find that the lack of IPOs erodes the FY/22 performance. Using the new guidance range mid-point, the share is currently trading roughly at an EV/EBITA of 31x (2022E).

SEB Research

This research has been commissioned by the company. Only for professional investors resident in EEA member states. Reports may not be distributed to the US or other jurisdictions where to do so would be unlawful. Please see the disclaimer tab for any details of investment banking services recently provided by SEB that could be considered relevant to the subject matter of this research.