Analyysi
Inderes Q1 2026: A Small Beat, in the Right Direction
Tiivistelmä
- Inderes' Q1 2026 results slightly surpassed expectations, with revenue at 5.5 MEUR and an EBITA margin of 9.1%, driven by improved profitability.
- Recurring revenue increased by 7.9% and international revenue by 15%, largely due to strong performance in the Software segment.
- Following the results, the full-year 2026 revenue estimate was raised to 20.7 MEUR, while the EBITA margin forecast remains at 12.1%.
- The Buy recommendation is maintained, and the target price is increased to 20€, suggesting a 24.6% potential upside from the current share price of €16.05.
This content is generated by AI. You can give feedback on it in the Inderes forum.
| Key Metrics | Q1-Estimate | Q1-Actual | Difference | FY 26e Old | FY 26e New | FY-Change | |
| Revenue | 5,4 MEUR | 5,5 MEUR | +0,1 MEUR | 20,5 MEUR | 20,7 MEUR | +0,2 MEUR | |
| Revenue growth | 2,6 % | 3,7 % | +1,1 % p.p | 7,6 % | 8,2 % | +0,6 % p.p | |
| EBITA | 0,4 MEUR | 0,5 MEUR | +0,1 MEUR | 2,5 MEUR | 2,5 MEUR | +1,9 % | |
| EBITA-% | 6,2 % | 9,1 % | +2,9 % p.p | 12,1 % | 12,1 % | - |
Inderes' Q1 2026 results modestly exceeded our estimates. Revenue grew 3.7% to 5.5 MEUR (est. 5.4 MEUR), while the EBITA margin came in at 9.1% (est. 6.2%), driven primarily by better profitability than expected. Recurring revenue grew 7.9% and international revenue 15%, both supported by strong momentum in the Software segment.
Following the results, we raised our full-year 2026 revenue estimate from 20.5 MEUR to 20.7 MEUR, while keeping our EBITA margin forecast unchanged at 12.1%. We have revised our segment assumptions to better reflect the Software segment's outperformance, partly offsetting a more cautious view on the Events business in Sweden.
We resume our Buy recommendation and raise the target price to 20€, implying approximately 24.6% upside from the current share price of €16.05.
Sisäänkirjautuminen vaadittu
Tämä sisältö on näkyvissä vain sisäänkirjautuneille käyttäjille
Inderes yhdistää sijoittajat ja pörssiyhtiöt. Yhtiö tuottaa syväluotaavaa osaketutkimusta ja sijoittajaviestinnän ratkaisuja yli 400 pörssiyhtiölle, jotka haluavat palvella sijoittajia paremmin. Inderes on listattu Nasdaq First North -markkinapaikalle ja se toimii Suomessa, Ruotsissa, Tanskassa ja Norjassa.
Lue lisää yhtiösivullaFoorumin keskustelut
