Bildkälla: Stockfoto

Inderes: Marching pace to accelerate - SEB

After a well in-line Q1 report, we emphasise that Inderes is showing progress in Sweden, although the steps remain rather small from a group perspective. Also, the IR software growth story looks set to continue, which should bring scale at some point. We got a positive indication on the IPO market wake-up, which backs our growth assumptions for 2025E-26E. With small estimate changes we repeat our fair value range of EUR 18-20.

After a well in-line Q1 report, we emphasise that Inderes is showing progress in Sweden, although the steps remain rather small from a group perspective. Also, the IR software growth story looks set to continue, which should bring scale at some point. We got a positive indication on the IPO market wake-up, which backs our growth assumptions for 2025E-26E. With small estimate changes we repeat our fair value range of EUR 18-20.
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