Aiforia Technologies: Potential starting to weigh more than risks

Aiforia's growth strategy implementation has progressed convincingly. Considering this we believe even more in its ability to take a significant role in its target market in the next decade. The valuation clearly leans forward (23-24e EV/S 24-13x) and the risks of valuation multiples falling is still high. However, considering recent performance, we expect business growth to compensate sufficiently for this.