Here is a new company report on QPR from Atte and Roni based on the Q4 results.
We reiterate our Reduce recommendation for QPR and revise the target price to EUR 0.55 (prev. EUR 0.58). The Q4 figures clearly fell short of our expectations, and the growth outlook for 2026 was also a disappointment. With our lowered forecasts, QPR’s combination of growth and profitability will remain subdued in the coming years, in relation to which the stock’s valuation (2026e EV/S 1.8x) is elevated.