Oriola

Oriola started of the year with a lower-than-expected improvement in adj. EBITDA due to performance of the advisory business and elevated group costs, but we expect performance to pick up during the year.

Oriola posted fairly decent figures in Q1. Net sales and invoicing growth continued at a good pace, with the latter up 8.1% y/y. The adj. EBITDA of EUR 7.7m fell well short of our EUR 8.5m expectations, with profitability in the Services-segment declining...

Oriola reports its Q1 results on April 29th. We expect continued improvement in adj. EBITDA. We have lowered our coming year profitability estimates and adjust our target price to EUR 1.0 (1.15), ACCUMULATE-rating intact.