Verkkokauppa.com reported Q4 results where focus was on the outlook as the numbers were pre-announced. Verkkokauppa.com guides for higher sales and adj. EBIT in 2025. The profit guidance tells us little because consensus was expecting earnings to double ahead of Q4. We assume the worst is now over, but it’s only 2026E when multiples decline to reasonable levels and a real earnings recovery is not yet in sight.
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