Inderes boosts the Nordic growth story by announcing today acquisitions of Swedish virtual event producers Financial Hearings and Streamfabriken. Financial Hearings is market leader in listed company quarterly events in Sweden. We believe that the acquisition significantly strengthens Inderes' position in Sweden and gives foundation for further growth. The valuation was also affordable in our view, with combined 2022E EV/EBIT of 8.1x.

Inderes’ Q3 came in slightly better than we had input after the September profit warning. Importantly, from an investment case perspective, Inderes continues to show a strong growth trend in recurring revenue, which we view as more critical than project revenue. With EBITA estimates slightly up, we fine tune our fair value range to EUR 22-24 (previously EUR 21-24).

Q3: Slightly better profitability, commissioned research still growing nicely

Seuraa Inderesin Q3'22-infoa tiistaina 1.11. kello 9:30 alkaen inderesTV:stä.