Inderes

Inderes reported weak monthly sales data for May, with a decline of 12%. Although this owes partly to the timing of certain events (from May to June) our first read is that May-June sales are likely to fall somewhat short of our current estimates.

Inderes' key CMD message was that based on the first years’ experience from the Swedish market, the go-to-market strategy is reshaped. The company has now three units and each unit has a focused strategy for international growth acceleration. Inderes leans to its unique and holistic offering made to serve listed companies' IR needs. To us, the upside in the case requires success in internationalisation, while the solid home market foundation limits the downside.

Inderes reported April sales growth of 8% and the sales were in line with our expectation. The growth was supported by the timing of AGM season. All in all, the monthly report should not trigger any material estimate revisions. We are forecasting somewhat slower sales for the coming months & quarters. Looking toward the year end, the IPO activity and the progress in Sweden are the key factors that could cause estimate revisions we think.