Inderes’ Q4 report prompts us to cut our estimates more than the headline deviations indicate. While IR software continues its solid growth, the commissioned research base took a step down. The company is now re-shaping its Swedish playbook, which we read as slower growth in 2025. The positives included cash flow (2024 FCF yield of 8%) and a thawing IPO market. Our fair value range is trimmed to EUR 19-21 (20-22).
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