Tietoevry organized a Capital Markets Day (CMD) in Stockholm yesterday, which can be watched here. The theme of the day was “Accelerating value creation”. The presentations provided insights into the company’s strategy execution, business portfolio priorities and new uplifted financial ambitions. In addition, the logic and timetable for activities to be separated were discussed. The CMD increased confidence in the company's growth and we raised our estimates slightly. The valuation picture of the share is still attractive from several angles (2022e adj. P/E 11x and dividend yield > 6%) and now, with the businesses to be separated, the share has drivers to dissolve the undervaluation.