Inderes Group - A solid start to the year - SEB

Av SEB
Inderes’ Q1 proves to us that the challenges it faced after the pandemic have passed. Organic growth of 25% is solid in a difficult market. The company was able to turn AGM services into a concept that works after the pandemic. The Swedish expansion still relies on acquired companies, but we believe crossselling opportunities can be exploited over time. On higher estimates, we raise our fair value range to EUR 28-31.