Atte has published a company report on Administer following the Q1 results 
Administer’s Q1 results fell clearly short of our expectations, but the full-year outlook remained broadly in line with our estimates. However, we have revised our forecasts to be slightly more cautious, and our earnings forecast for the current year is closer to the lower end of the company’s guidance range. There is clear potential in Administer’s share for the coming years, provided the company succeeds in the Sarastia integration and in improving the profitability of its other businesses. After a soft Q1, the company still has plenty to prove regarding these matters, and we remain in a wait-and-see position regarding the stock.
Quote from the report:
Our forecasts expect a clearly more moderate improvement in Sarastia’s profitability compared to Administer’s own targets. If Sarastia’s profitability improves better than our expectations in the coming years, the earnings leverage at the EPS level would also be very strong. Large M&A transactions always involve risks, and the upcoming amendment to the Public Procurement Act could also mean larger-than-expected customer losses for Sarastia as the market opens up to competition. Naturally, the change also offers new opportunities.