We call Inderes’ Q2 results in line despite the minor miss in EBITA. The case remains very much intact as the company’s strong Finnish market position looks safe and its future growth prospects lie mostly in the Nordic market. However, in the Nordics, the journey is still at such an early phase that making judgements based on Q2 numbers is difficult. We trim our fair value range to EUR 33-37 from EUR 35-39.