Here is Roni’s pre-earnings report, as Pihlajalinna releases its Q1 results on Tuesday, April 28. 
With the termination of outsourcing contracts, revenue and earnings will decrease significantly. Additionally, the demand environment for private health services has been weak, and we have made minor cuts to our forecasts. Upside drivers may be hard to come by in a weak demand environment, but even with the cut forecasts, the share valuation is still very low (26e adj. P/E 9x). We are cutting our target price to EUR 14.5 (prev. EUR 17.0) and lowering our recommendation to Accumulate (prev. Buy).