Here is the pre-earnings report from Roni ahead of Ilkka’s earnings release on Monday, August 10th. 
At the end of July, the company already issued its second negative profit warning of the year, which is why the main focus of the report will be on the background of the warning and the market outlook. Following the profit warning, we have made cuts to our operational forecasts and expect the Q2 figures to have remained weak. Our sum-of-the-parts valuation (€5.9/share) remains largely unchanged, as the rise in Alma Media’s share price supported the declining value of the company’s own business. We reiterate our target price of €4.0 and our “reduce” recommendation.