Atte has written a new company report on Lemonsoft, inspired by the divestment of Finvoicer.
We reiterate our buy recommendation for Lemonsoft but lower our target price to EUR 6.0 (prev. EUR 6.5). We have incorporated the Finvoicer divestment announced on Wednesday into our forecasts; overall, the acquisition made about three years ago was a failure for Lemonsoft. Following the divestment, the company is an even more focused software provider for industry and wholesale, and the conditions for the company’s organic growth are strengthening. Recently, there have also been preliminary signs of a recovery in the market, which will support the development of Lemonsoft’s sales going forward. We believe the stock’s valuation (2026e EV/EBIT 10x) is very moderate when reflected against the earnings growth outlook for the coming years.