Redeye believes Nepa is executing according to its plan to restore profitability. With cost savings exceeding the previously announced target and a market that appears to have bottomed out, Nepa is set to generate healthy cash flows already next year. Redeye estimates Nepa to be trading at an attractive 5x FCF multiple for 2024e, and 4x for 2025e. Also, with a new, still unknown 14%-stake shareholder, Redeye speculates in a possible bid on Nepa. Redeye raises its estimates and its valuation range.