We expect a good Q3. Back in Q2, sales growth was 12% with some negative impact from volume-based business (less payslips sent due to temporary layoffs in Finland), but margins were strong. We expect similar development in H2 20. There is limited external data on this market, but in the past months we have read that bankruptcies in Finland have not escalated, which is positive for Talenom. The company's business is defensive and the main risk would be widespread customer bankruptcies, but this does not seem likely. Talenom is set to announce the solution for small customer segment in connection with the Q3 results. In the past weeks, notable newsflow includes a small acquisition and CEO buying 25,000 shares on 25 September, which in our view is a positive signal.
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