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Waystream Q2’23: First take – Negative development - Redeye

Redeye sees a Q2 report that was surprisingly weak, with a negative sales development in the quarter, the dependency on the development of the city networks is apparent, and other parts have not been able to cover this downfall. The small positives in the report do not outweigh the negatives and will mean a significant downward adjustment of our estimates and valuation of Waystream. The long-term positive factors will be overshadowed by the volatility in the sales and results for some time. We expect to make a significant negative revision of our estimates and Base case.

Redeye sees a Q2 report that was surprisingly weak, with a negative sales development in the quarter, the dependency on the development of the city networks is apparent, and other parts have not been able to cover this downfall. The small positives in the report do not outweigh the negatives and will mean a significant downward adjustment of our estimates and valuation of Waystream. The long-term positive factors will be overshadowed by the volatility in the sales and results for some time. We expect to make a significant negative revision of our estimates and Base case.
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