I only just read the interim report more closely now that the share price has drifted down to around 20 SEK. If I understood correctly, currencies provided a tailwind, without which there would have been roughly zero growth. Despite the results of the savings program, there was an increase in expenses. Based on the CEO’s comment, H2 looks challenging:
“Growth in Messaging has improved compared to Q1 but
remains unsatisfactory. We expect current market
conditions to prevail during the second part of the year with heightened cost-consciousness among our larger customers. Combined with changes in our business mix, this means that we may not see the same seasonal uplift that we’ve seen in previous years.”
I have bought back shares I sold earlier in the year and done some trading in the 22-27 SEK range, but I’m particularly concerned about future profitability, or how the company will navigate a potentially shrinking and/or unprofitable SMS business. Of course, these things are already reflected in the share price to some extent.