The key conclusion from Siili’s Q1 miss is that the Finnish market is adopting the AI transition slower than the company’s plans. However, we remain confident that the demand for AI transformation services will get a boost from recent technological leaps. At that point, Siili should be well positioned. Siili’s valuation is unarguably on distressed levels. We see more value in the operations but take down our fair value range to EUR 5-7 (6-8).
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