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The target price is reduced due to the declining DCF and NAV values. At such low prices, a slight change in the price brings about significant change.
The NAV decrease stems from the massive dilution the company carried out in FY2022 with the number of shares increasing by more than 12x. The share issuance continued in early FY2023, further reducing the NAV.
The decline in the DCF is driven by the same reason (share dilution) as for the NAV drop.