While last week’s profit warning did not come as a surprise to us the magnitude of the revision was more than we expected and we make sizeable estimate downgrades ahead of the Q3 report. However, the shares are trading at pre-PW levels, implying the weakness was already priced in. Although the recovery is slower than we expected, we remain confident that momentum in Finnish IT consulting is turning. Our fair value range cut to EUR 9-11 (EUR 13-15).
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