growth looks set to remain below historical levels. Near-term risk-reward looks weak
with stretched valuation multiples (2021E EV/EBIT 38x) and downside risk to estimates
from a potential increase in bankruptcies in Finland.
We continue to see Talenom as a strong growth case longer term, but in 2021 organic
growth looks set to remain below historical levels. Near-term risk-reward looks weak
with stretched valuation multiples (2021E EV/EBIT 38x) and downside risk to estimates
from a potential increase in bankruptcies in Finland.
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