NYAB: Market outlook still uncertain
NYAB's Q3 results were below our expectations, and revenue in particular developed more moderately than expected, driven by delays in investment decisions and project start-ups. Reflecting this, the company revised its revenue guidance to the lower end of the previous range. Considering the report and the still uncertain outlook, we lowered our growth forecasts for the coming years, which were also reflected in our earnings forecasts. We still believe NYAB's longer-term earnings growth prospects are good, given the investments required for the green transition.
