Financial outlook maintained
Q2 surpassed market expectations and management maintained their previously announced financial targets for fiscal year 2022. Despite the challenging market conditions with IT talent shortage, salary inflation and a weakening global economic environment, Wirtek is aiming for 64-69 MDKK in revenue and EBITDA of 8.6-9.6 MDKK.
In line with strategy
The combination of solid organic growth and growth through acquisitions during the second quarter was in line with the revised Accelerate25XL strategy that Wirtek announced in April this year. One of Wirtek’s operational goals in the Accelerate25XL strategy is to be listed on Nasdaq Copenhagen Main Market before the end of 2025. To pave the way for this transition, Wirtek has made several recruitments and are implementing IFRS this year.
Using a discounted cash flow valuation method, Stockpicker establishes a fair value per share of 22.1 DKK. A relative valuation implies that an EV/EBIT target multiple of 22x (based on our EBIT estimate for 2022) is more than justified for a profitable fast-growing company as Wirtek, despite current market uncertainty.
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