Ahead of Inderes’ Q4 report we have slightly cut our estimates based on Oct-Nov sales data. However, we do not extrapolate the miss of a couple of months of sales. We continue to see the IPO market becoming more active in 2025, offering market-driven growth for Inderes, which despite the challenging market we see heading for 7-8% growth in 2024. Our fair value range is cut a notch to EUR 20-22 (EUR 21-23).

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