Innofactor's turnaround progressed convincingly for a couple of years, driven by a strong Finnish business. Last year, earnings growth stopped and now the company seeks return to growth. Innofactor revised its organizational structure last year and refined the strategy to support stronger growth. We expect modest earnings growth this year and stronger growth in the longer-term requires a solid Nordic business. The foundation for implementing the Nordic growth strategy exists but requires proof of implementation. The potential return of the share, consisting of earnings growth (~ 8%) and dividend yield (>5%) still favors a positive view.