Roni has prepared a new company report on Pihlajalinna. 
Pihlajalinna’s Q3 figures fell short of our estimates, which, given the profit warning issued the day before the results, was not a big surprise. In our opinion, the softness is mainly due to external factors, and the company’s own operations are still on track. At the current valuation, we remain invested in the stock (26e adj. P/E below 10x) and see the risk-reward ratio as attractive. We cut our target price to EUR 17.0 (previously EUR 17.5) and reiterate our Add recommendation.
https://www.inderes.fi/research/pihlajalinna-q325-tuloskasvussa-pysyttiin-vastatuulista-huolimatta