Here are Joni’s thoughts after Q3. 
We reiterate our Reduce recommendation for Siili’s share and lower the target price to EUR 6.70 (prev. EUR 7.3), reflecting estimate changes. Siili’s revenue and profitability decreased and fell short of expectations in Q3, as the market has remained very challenging. In our view, Siili would need new efficiency measures, but the company does not seem to be pursuing them. As the market continues to be weak, it is challenging to break the trend in revenue and profitability, and we consider the risk of a new profit warning to be clear. Based on our estimates, the valuation picture is challenging in the short term (2025 EV/EBITA 13x), even without the profit warning risk. As the economy and the IT services market recover, there is upside potential in the company’s operational performance and the share, but the time for that is not yet here.