@10sigma como te comenté aquí tienes porque tengo $NA9.DE (NAGARRO SE) . Creo que es una joya incomprendida y una apuesta de valor que todavía no he conseguido cosechar sus frutos. Mientras su equipo siga así ,sólo hace falta paciencia. Allá vamos...
🧩 Nagarro $NA9.DE
La ingeniería digital europea que está aprendiendo a pensar 🤖
Nagarro, spin-off de Allgeier, se ha consolidado como uno de los líderes globales en transformación digital y software avanzado, y ahora acelera hacia la IA generativa aplicada a negocio real.
📊 Fundamentales sólidos:
CAGR EPS (2021–2024): +23 %
ROIC ≈ 16 %, en ascenso
Deuda neta/EBITDA: 1,3× (FY24)
FCF 2024: €79 M con capex < 1 % de ventas
Margen EBITDA: ~14 %
Guía 2025: €1.020–1.080 M ingresos; margen 14,5–15,5 %
🔮 Impulso IA
Con plataformas propias como Forcastra, Genome, Ginger AI y NIA, Nagarro puede pasar de servicios por hora a modelos escalables y recurrentes, con márgenes más altos y fidelización de clientes.
💰 Valoración atractiva:
PER 2025e: 22x, frente a 26–30x de Globant, Accenture o EPAM.
Si logra ejecutar su hoja de ruta IA, el re-rating natural podría situarla cerca de 25–27x → potencial +20 % sin sobrepagar por crecimiento.
🧱 Moat y alineación:
Clientes muy diversificados, NPS 62...por las nubes (métrica de satisfacción del cliente), programa de recompras por €400 M y dividendo anual (10–20 % del EBIT). La dirección posee acciones significativas → alineación real con el accionista.
⚠️ Riesgos:
Impactos FX (divisas), costes de talento y adopción de IA más lenta podrían afectar márgenes a corto plazo.
✅ Conclusión:
Nagarro combina tecnología, rentabilidad y un futuro apalancado en IA. Si la transición a ingresos IA-as-a-Service se consolida, puede ser una de las joyas ocultas de Europa en ingeniería digital.
Yo ya la sigo de cerca… y si quieres que lo haga por ti… cópiame 🚀📈
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