Between EUR 7,8 and EUR 9,4 Eurobank Equities identifies the fair value range of Quest Holdings' share, in a new research with the funding of the issuer (issuer sponsored research) entitled ‘Measuring value, crystallizing growth prospects’ (Compounding value, crystallizing optionality).
The updated valuation shows the fair value range corresponds to a 10% discount. The base scenario of the stock market implies an EV/EBITDA valuation for 2026 at the level of 8x for the remaining segment outside ACS (commercial products, IT services, RES), compared to the only <6.5x that the current share price implies. In Eurobank Equities’ view, the current valuation underestimates both the structurally developing arm of IT services and the course of increasing the profit margins of the commercial segment after Benrubi was acquired.
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