Here is a company report on Lamor from Thomas following Q3 ![]()
Lamor’s Q3 report weakened the turnaround story, as new sales came to an almost complete standstill and gross margin remained clearly below customary levels for the second consecutive quarter. Revenue exceeded our estimates, but earnings fell into the red and the balance sheet position tightened further. We have significantly lowered our earnings forecasts for the coming years as the turnaround slips further away. The upcoming rights issue provides breathing room, but does not solve the profitability issue caused by an excessively low revenue level. We lower our target price to EUR 0.60 (previously EUR 0.75) and reiterate our Reduce recommendation.