RE: Europe lower premarket on economic uncertainty10 Jan 2023 07:13
Well ready for its next leg down now
Our outlook for 2023 is cautious, particularly for value offers, but we continue to see an opportunity in Boohoo, which we prefer over Asos. However, with shares trading on a full-year 2023 enterprise value/Ebitda [multiple] of 7x, we see the valuation as full, noting a lack of catalyst in the short term