Here is the company report on Netum from Joni right after Q1 
We reiterate our Reduce rating for the stock and lower our target price to EUR 1.05 (prev. EUR 1.10). In the big picture, the Q1 report was slightly softer than our expectations, although profitability was a good defensive victory. Looking ahead, the direction is correct, driven by sales, but there is still clear uncertainty regarding the timing of sales and its impact on revenue and profitability. Furthermore, the valuation is stretched and does not yet encourage jumping on board (2026-27e EV/EBITA and P/E are ~13-11x).