Teleste

In our estimate, around a third of the full-year EBIT will be generated in Q4 due to the timing of deliveries.

The long-term contract creates a solid baseline load for the Public Safety and Mobility segment.

The company's Q2 figures were fully in line with our expectations in terms of key figures.

The timing shift of Networks segment orders weighs on our growth and earnings forecasts.

Relative to the earnings growth outlook for the coming years, Teleste's share valuation appears very moderate.

The improvement in loan terms is expected as the balance sheet has strengthened.