Boreo: Defensive victory in challenging environment - Nordea

Boreo reported Q2 2023 adjusted EBIT excluding PPA of EUR 2.4m, clearly above our estimate, although the top line was slightly soft. Temporary challenges continued in SSN and FNB, while the Sany exit caused EUR 0.2m in additional costs. Recently acquired businesses are performing well and Boreo should receive further support from Delfin Technologies starting at the beginning of July. The outlook is slightly dented due to macro uncertainties, while the company appeared confident about its annual operating EBIT growth target of above 15%. Our fair value range is unchanged, at EUR 40-48 per Boreo share. Marketing material commissioned by Boreo.

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