Inderes Group - February sales broadly in line - SEB

Av SEB
Inderes reported February sales of EUR 1.7m, slightly below our estimate of EUR 1.8m. However, we note that the reported growth in February was 4%, which is in line with our estimate. The company flags an increase in the number of clients in new products (like IR software). During March-April the sales should be up seasonally due to the AGM season. According to Inderes AGM services sales have also progressed well. Overall, our impression is neutral.