Neodecortech (NDT) has performed well in 2019, in our view, against a difficult economic backdrop. 1H, 3Q and October revenue rose 2%, 6% and 9%, respectively. We are forecasting the year to end strongly, with full-year revenue up 5% and adjusted EBITDA fractionally ahead, at €19.4m. NDT is planning to move to the Main Market in 1Q’20, and the controlling family has reduced its stake to 64%. NDT trades at a ca.28% EV/EBITDA discount to its nearest peers – a 20%+ narrowing since February this year.
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