Exel: Demand development key for the rest of the year
Exel reported a weaker-than-expected Q3 report with revenue and operating profit below our estimates. In the report, the company reiterated its guidance for the current year and sees no reason to change it at this time, which was disappointing given our expectations prior to the report. In light of this and the prevailing uncertainty, we made negative changes to our estimates for the coming years.
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