Ahead of Inderes’ Q1 report, we keep our estimates broadly unchanged despite Jan-Feb sales data coming in slightly below our estimates. The recent geopolitical escalations dampen the IPO outlook, and we flag downside risks driven by the fading tailwind of market growth. Yet, we do not see the IPO window as closed should the Middle East situation calm and the worst of inflationary pressure ease. Fair value range unchanged at EUR 18-20.
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