Coolblue FY23 revenue up 2.5% to EUR 2.4bn and EBITDA doubled to EUR 88.3m or a 3.7% marginCEO bullish saying 2024 will be ‘best Coolblue year ever'Despite the promising improvement in profitability, a fair value for Coolblue will be far below the once rumoured EUR 4-5bn. Likely EUR 1-1.5bn is more justifiedWe estimate HAL's NAV today to be EUR 159.2 p/s or a discount of 27.5%. Our TP goes up slightly to EUR 116 (vs. EUR 114 before). Hold rating reiterated.
