Tecnotree's Q2 figures fell short of our expectations, both in terms of revenue and earnings. The company also issued a guidance for the first time in a long time, but it was cautious compared to our forecasts. The report again drew attention to the strong growth in trade receivables, which in our view is already a factor that raises the company's risk profile. Based on the report, we have made significant cuts to our revenue and earnings estimates for the coming years. In spite of the increased risk profile, we feel that the valuation of the share is moderate (2023e P/E 12x and EV/EBIT 8x)