Siili’s Q2 had some good and some bad. First, sales declined more than we expected, likely driven by Siili Auto. However, the cost measures are kicking in and the company is initiating another round to finetune its competence mix. While there are no signs of an improving market and we lower our sales estimates we slightly hike 2026E EBITA. Reported profit estimates declined due to one-offs, resulting in DPS cut. Fair value range unchanged at EUR 8-10.
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