LRND•NuWays reiterated its Buy rating on AnchorCore and set a 12-month target price of EUR 4.6, down from EUR 4.8. It forecast H1 sales at learnd UK and Ireland of EUR 34 million and adjusted EBITDA of EUR 5.1 million.
NuWays expects H1 sales at learnd UK and Ireland to rise 14.5% to EUR 34 million, while adjusted EBITDA is forecast to increase 96.8% to EUR 5.1 million, implying a 15% margin. It trimmed its fair value estimate to EUR 4.6 from EUR 4.8, citing holding costs and a 10% holding discount.
NuWays cited the July 7 rebrand from learnd as a signal of a shift toward an incubator and future acquisitions.
