Inderes Q3 came in below our estimates, which however were not updated after the recent profit warning. Importantly, Inderes keeps its costs well-controlled and we find the clear miss in EBITA owing purely to the top line delta. The reason for the softness owes to project revenue which in addition to timing continues to suffer from customers' cost measures. Software remains on growth track and the company sees signs of IPO activity taking the market back to growth.
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