As we think the Finnish IT consultant market has remained soft ahead Siili’s Q3 report, we make another round of marginal cuts to our estimates but remain above the lower end of the guidance range. We expect negative Q3 organic growth, due to a solid comparison base. On a raised risk-free rate, our DCF-based fair value range falls to EUR 15-17 but is still significantly above the current share price after its recent stumble.
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