Atte has published a new company report on Admicom following the profit warning and the pre-silent period call. 
We reiterate our Buy recommendation for Admicom and lower our target price to EUR 40.0 (prev. EUR 45.0). Admicom issued a profit warning just over a week ago, leading us to revise our earnings forecasts for the coming years downwards by approximately 3-5%. Admicom’s share price has fallen more than this in response to the profit warning, and the valuation (2026e adj. EV/EBIT 10x) has dropped even lower. We still believe the company’s growth will pick up in the coming years and that the stock offers a very good expected return as this materializes.