Inderes

Inderes delivered EUR 1.2m sales in August, indicating 29% growth driven by recurring revenue and acquisitions. Project revenue remained flat year-on-year. The august sales number indicates that rather similar growth would be needed to make it to our Q2 estimate. However, we see that September is a seasonally bigger month for the Finnish business but smaller for Sweden. All in all, we call August broadly in line.

Yesterday, Inderes released the H1 2023 results and its July sales performance. Today, Inderes’ CEO Mikael Rautanen presented the first half-year results and commented on the market conditions, what they expect in the second half of 2023, as well as the company’s longer-term plan.

Ahead of Inderes’ Q2 report we broadly reverse our previous estimate increases following the April-May sales data. Despite cutting our estimates we find that Inderes is heading to a healthy profit improvement in 2023. This is thanks to the acquired Swedish operations, organic growth and ramp-up investments made to Sweden in 2022. Our fair value is pulled back to a range of EUR 26-29 (from 28-31).

Inderes generated EUR 1.6m sales in May, indicating 23% growth. The sales growth rate was below that of April and below our Q2 sales growth rate estimate.

This is the short history of Inderes – our journey that took us from mere passion to setting up a business model and assuring our worth to clients; from platform development to community building, from acquisitions to IPO. All the way here, now as a Nordic company.

In its CMD today Inderes provided a clear message how to transform a true Nordic player over the strategy period. To us it seems the Swedish market is the must win battle and the rest will follow.

Inderes has announced a new strategy ahead its CMD tomorrow. Unsurprisingly, the focus is on international growth, with Sweden being the most important area.

CEO of Inderes Mikael Rautanen gives a presentation of Inderes as an investment.

Inderes is expected to report its Q1 2023 financial results on 21 April. Inderes’ CEO Mikael Rautanen will present the Q1 results on 24 April at 13:30 (CEST) in a virtual live event followed by a Q&A session.