Redeye makes mixed estimate revisions on the back of Nekkar’s H1’24 report that beat our EPS forecast. We argue that the outlook remains solid with high tendering activity despite a softer Q2’24 order intake for Syncrolift. Driven by two divestments in FiiZK, which likely will reveal some hidden values, and by a value accretive acquisition of Globetech, we slightly raise our base case valuation.

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