Fair Value: €92.4 – – – – Rating: Strong Buy
Verbio’s operating development in Q3 has exceeded expectation and we now expect the company to beat the recently raised full year guidance. Moreover, we have increased our sustainable earnings expectations for coming years. In contrast, the share price has lost almost 50% due to political discussions, which we do not believe to have a material impact on the company’s earnings. Our Fair Value increases to EUR92.4 and now yields an upside of more than 100%. We thus raise our rating to Strong Buy.