Tietoevry's big picture was already known due to the Q3 preliminary data and organic growth was very strong, while profitability was slightly soft. The company also revised its guidance last week, indicating better growth with slightly lower profitability. We expect Tietoevry to deliver moderate earnings growth in the coming years, constrained by inflation and price competition. In our view, Tietoevry's expected return (>10%) is good, but not superior enough to justify a Buy recommendation. In addition, a good risk/return ratio is now also available in the rest of the IT services sector and other listed companies.