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Pihlajalinna: Earnings to clearly exceed pre-pandemic levels - Danske Bank

Pihlajalinna had a strong Q1. We see potential for clearly higher profitability in 2021-23E compared to pre-pandemic levels and see a possible attractive margin turnaround case ahead at low valuations. Longer-term demand drivers remain positive and Q1 showed acceleration in public sector growth. We make only small estimate changes* and set our 12M fair value range at EUR12-14.

Pihlajalinna had a strong Q1. We see potential for clearly higher profitability in 2021-23E compared to pre-pandemic levels and see a possible attractive margin turnaround case ahead at low valuations. Longer-term demand drivers remain positive and Q1 showed acceleration in public sector growth. We make only small estimate changes* and set our 12M fair value range at EUR12-14.
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