Atte has produced a new, excellent comprehensive report on Lemonsoft. As usual, this comprehensive report is accessible to everyone and is not behind a paywall. 
We reiterate our Accumulate recommendation for Lemonsoft and a target price of EUR 7.1. Lemonsoft’s past year was characterized by major changes on both the organizational and technology platform sides. The transition phase is starting to be behind us, and going forward, the company will be able to focus on accelerating the pace of sales and product development. In our assessment, the growth outlook for 2026 is still cautious, but at the stock’s current valuation (2026e EV/EBIT 12x), expectations are also moderate. Thus, we see the risk-reward ratio as attractive.
Quoted from the report:
We believe that the industry’s consolidation trend will continue in the future, as the Nordic ERP market interests several investment parties. Several private equity-led companies are forming in the market, in addition to which listed mid-sized players continue their expansion. In our view, Lemonsoft’s strong market position in Finland in the industrial and wholesale sectors also makes the company an attractive and potential acquisition target in the long term as the market consolidates.
