SEB - Software-driven growth - Inderes Group

By SEB
Ahead of Inderes’ Q2 report we have slightly reduced our estimates and fair value range. The May sales report was surprisingly soft although the month saw some project revenue moving to June. Interestingly, Inderes is set to publish the semi-annual sales and profitability for each business unit for the first time. While the performance in Research and Events is likely to remain muted, we believe that H1 growth has been driven by Software.