Ahead of Inderes’s Q3 report, we slightly lower our FY/25 estimates; however, it looks as though the IPO market is reopening, hence we keep our 2026-27 estimates broadly unchanged. While we still await a Swedish turnaround, we flag the importance of the underlying Finnish market returning to growth. We also introduce a SOTP valuation, although our fair equity value range remains unchanged at EUR 19-21 per share.
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