Gofore's softer-than-expected sales, excluding the projects with cost overruns, during Q2 look to come from international business, where sales fell by 25% y/y. Furthermore, our cost estimates (outsourcing, opex) were somewhat overly optimistic, explaining the EBITA miss. Apart from these challenges, we flag relatively healthy pricing and improving demand outlook for Q3 in Finland. We justify neutral reaction as shares are already down after profit warning.
LÄS MER
