Neodecortech (NDT) shut its main plants for several weeks in March/April, but has traded strongly since reopening. We have cut our 2020 forecasts significantly, but see 2021 bouncing back close to 2019 levels. NDT trades at a ca.36% EV/EBITDA 2021E discount to its nearest peers – an 8% increase since February. We would expect this to narrow, aided by the move to the Main Market, which was completed in May.
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