Zalaris - Setting longer-term targets

Zalaris reported another record quarter, with revenue growth of 13.1% y-o-y on a constant currency (cc) basis and adjusted EBIT margin expansion of 3.2pp y-o-y to 14.1%. Well on the way to meeting its FY26 target of achieving revenue of NOK1.5bn and an EBIT margin of 13-15%, management has set a new target to achieve revenue of NOK2bn by FY28 (equivalent to a CAGR of 10% from FY24-28). We estimate that there is material upside to the current share price if the company is able to maintain growth at this rate.

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