Inderes Group - Progress in Sweden is the key catalyst - SEB

Inderes is building a Nordic growth story on solid home market foundations. After acquiring a position in the Swedish IR event market, expansion in the country is easier, especially within events and AGMs. However, research needs wide retail investor reach, which requires greater awareness. We think successful expansion in Sweden offers upside, but the outcome is far from certain. Our fair value range is fine-tuned to EUR 19-20 (18-20).