Neodecortech (NDT) performed well in 2019, in our view, against a difficult economic backdrop with trading picking up in 2H after a tricky 1H. The immediate outlook for 2020 remains uncertain. We have trimmed our forecasts accordingly. NDT trades at a ca.28% EV/EBITDA discount to its nearest peers – a 20%+ narrowing since this time last year. The move to the Main Market should help narrow it further.
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