Boreo: Demand starting to turn - SEB
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Boreo: Demand starting to turn - SEB

Boreo’s sales growth turned positive in Q4 after a more than one-year negative trend, bearing out our expectations. Even though Q4 was partly supported by project phasing, we believe demand should be bottoming out despite still slow general market conditions. Also, leverage was better than we expected, but is still clearly elevated, which limits the acquisition-driven investment case. We raise our fair value range to EUR 10-11.5.

Boreo’s sales growth turned positive in Q4 after a more than one-year negative trend, bearing out our expectations. Even though Q4 was partly supported by project phasing, we believe demand should be bottoming out despite still slow general market conditions. Also, leverage was better than we expected, but is still clearly elevated, which limits the acquisition-driven investment case. We raise our fair value range to EUR 10-11.5.
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