We increase our EBIT estimates 3% following the margin beat in Q1 and continue to model cEPS to increase 75% from 2024 to 2027, leaving ZAL trading at 11x/10x our ’26/27e cEPS, on the back of growth, margin expansion, debt reduction (both cash generation and potential debt refinancing) and lower interest rates (both Euribor and spread). Zalaris is already on a winning streak with 16-17% organic growth in 2022-2024, and another ~NOK 100m ARR in its backlog (contracted), while the EBIT margin cont ....
