[Warburg Research] The NAGA Group AG: Strict cost management bears fruit
The publication of the delayed 2022 annual report is a positive sign. Furthermore, the continuation of the positive development in Q3 should be recorded and assumed for the further development. Warburg adjusted its model accordingly and reflect significantly lower growth rates at higher EBITDA margins. Though Warburg’s PT is reduced to EUR 1.65, they upgrade to Buy owing to the strong upside to their PT.