Here is a fresh company report on Administer from Kinnunen right after Q1. 
We reiterate our Add recommendation for Administer and revise our target price to 2.8 euros (previously 2.5 €) after a stronger-than-expected Q1 result. Profitability in Q1 was significantly better than we anticipated, with the positive trend in cost structure continuing, which also supported our earnings forecasts. The stock remains affordable if the company can continue on its path of earnings growth. However, significant future earnings improvements will also require revenue growth, and there is considerable uncertainty associated with market developments.
Excerpt from the report:
There is little visibility into next year
Visibility into next year is currently non-existent, but in recent years, Administer has gradually improved its profitability by streamlining its operations. The task gradually becomes more difficult after implementing the “easier” cost-saving measures, but on the other hand, the market situation should, in all likelihood, gradually ease in the coming years, thereby supporting the continuation of earnings growth. Even modest economic growth in Finland increases economic activity, which should further positively reflect on Administer’s market situation.