Inderes had a good first half, with revenue growing 9 %, and EBITA margin improving to 11,4 %. Some of that comes from an easy comparison, as last year's first half was held back by restructuring costs in Sweden. Accounting for those changes, the margin was about the same as a year ago. More significant changes were seen to the cost base, where a flat headcount and tighter personnel costs did most of the work.

The second quarter was the stronger of the two, at a 13,5 % EBITA margin. Guidance for the year was left unchanged, and the company was open about the fact that its international software push will keep some pressure on profit for now. Management’s read on the market was cautiously positive, with larger clients spending more steadily while smaller ones stay careful, and new listing customers still coming in at a healthy rate. Management also made a point of the recent step to open Inderes' research data to AI tools, which we think matters more than it looks. We stay at BUY, with a target price of 19,9 €.