Atte has published a new equity research report on Administer. 
We reiterate our Reduce recommendation for Administer and a target price of EUR 2.4. We have updated our forecast model to preliminary account for the company’s transition to IFRS reporting. At the same time, we have factored in the relatively small acquisition in Sweden made by Silta in May. Although the transition caused changes to earnings forecasts at the EBITDA and EBIT levels, the forecasts remain largely unchanged in the big picture in terms of cash flow. We will refine the forecast model in connection with Administer’s Q2 report, when figures according to the new reporting method will also be available for H1 of this year.