Siili’s Q3 was a continuation of Q2, i.e. sales growth coming in higher than expected but at the same time margin improvement in the inflationary environment becomes more challenging. The main question is how long the demand for digital transformation services will hold up in the upcoming downturn. Although we input a slowdown in growth in 2023, we continue to see the shares as attractively valued and repeat our fair value of EUR 20-23.
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