GB : Gattaca - H1 in line, but slower recovery in FY23E

H1 NFI was in line with expectations that were revised down at the 18 January update. No change to FY22E guidance of broadly break-even adj. PBT. However, we take a more cautious view on FY23E and cut PBT by £3.5m to £2.5m. Gattaca has been through a period of substantial change. The new management team will look to refine systems and processes and leverage the investment that has been made. The cut to forecasts is disappointing, but Gattaca’s focus on STEM markets positions it well longer-term. CY22E EV/EBIT 12.0x. TP cut from 190p to 100p.