Fair Value: 19.6€ – – – – – – Rating: Buy
Q3 shows signs of improvement
Q3 EBIT was slightly negative (€-2.2m) in this least important quarter, reducing 9M23/24 marginally to €20.7m (vs. €21.7m last year). However, the top line shows a qoq improvement and for the running quarter we expect SWA to be able to catch up on our FY2023/24 forecast. Therefore, we only adjust our working capital assumption moderately in our DCF model, which has a negligeable effect on our fair value (€19.6 vs. €19.9). The stock has thus still an upside of more than 30% and we keep our Buy rating unchanged.