Inderes Group - Adverse market conditions visible in growth - SEB

Af SEB
Inderes’ Q2 earnings miss was relatively large, given it owed to June sales. Although our estimates underestimated the seasonality of the Swedish operations and AGM season, we conclude that organic growth was muted. An inactive IPO market is not supporting growth; thus, the growth outlook has become dimmer. We make hefty short-term estimate cuts and lower our fair value range to EUR 23-26.