Inderes reported April sales growth of 8% and the sales were in line with our expectation. The growth was supported by the timing of AGM season. All in all, the monthly report should not trigger any material estimate revisions. We are forecasting somewhat slower sales for the coming months & quarters. Looking toward the year end, the IPO activity and the progress in Sweden are the key factors that could cause estimate revisions we think.

Inderes’ Q1 left a small positive mark driven by the Finnish operations. The Swedish business, however, still faces headwinds and the company struggles to take more meaningful positions in markets. However, the company is now reacting and we believe the story remains broadly unchanged: the Finnish business forms a solid foundation, but the upside potential lies in international growth, which is hard to predict.

Inderes posted a broadly in line Q1 report with sales slightly ahead (likely thanks to large AGMs in March) of SEBe. However, in rounded numbers, EBITA came in line with our estimate. While the March performance was better than expected our negative notes go to Sweden, where the company has seen churn in research contracts. Also, while the guidance remains unchanged, the company's market view is more cautious. We think a neutral reaction is warranted based on first read.

Ahead of Inderes’s Q1 report, we make no changes to our estimates. We think that strategy execution is progressing well in Finland, which should also see some market tailwinds in 2025. However, for the Swedish business, which holds the largest upside potential in our investment case, progress is slow (or in fact declining). Our fair value range is unchanged at EUR 19-21, with the mid-point translating into a 2027E adj. P/E of 10x.