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Inderes: Pandemic effects reverse - SEB

We cut our estimates substantially following the profit warning last week and ahead of Inderes’ Q3 report. The warning confirmed that virtual event momentum is flagging as business returns to normal following the pandemic, especially for unlisted customers which are important outside reporting seasons. We cut our fair value range from EUR 33-37 to EUR 21-24. We believe the defensive research business offers resilience in weak market conditions.

We cut our estimates substantially following the profit warning last week and ahead of Inderes’ Q3 report. The warning confirmed that virtual event momentum is flagging as business returns to normal following the pandemic, especially for unlisted customers which are important outside reporting seasons. We cut our fair value range from EUR 33-37 to EUR 21-24. We believe the defensive research business offers resilience in weak market conditions.
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