Kaisa has written a pre-earnings report on Apetit, as Apetit reports its results on Friday, April 24. 
We forecast that the company’s revenue grew, driven by an acquisition, but that the operating profit fell short of the comparison period, weighed down by the loss-making nature of Foodhills. We have lowered our forecasts for the current year’s reported result after the company issued a technical profit warning yesterday related to the closure of the Pudasjärvi frozen pizza factory. Our operational forecasts thus remain unchanged, and therefore we reiterate our reduce recommendation and EUR 13.0 target price.