Inderes’s Q2 has not triggered major estimate changes, despite adjusted EBITA being slightly ahead of our estimates. The Software business continues to drive growth in the short term, but potential in Finland narrows should the IPO market not activate. We lift our fair equity value range a notch to EUR 19-21 (18-20) per share. Further upside in our view would require more evidence from the changed international expansion strategy.
LÄS MER
