Here is the company report from Atte following Tekova’s Q3 release 
Tekova’s Q3 revenue fell short of our forecast, but operating profit clearly exceeded it, and the margin rose above 10% supported, in our view, by self-developed projects. The order backlog thinned to EUR 57 million, and the company itself noted that it had developed weaker than expected. We lowered our revenue forecasts due to the thinning order backlog, but slightly revised our profitability forecasts upward. In our estimate, the growing share of self-developed projects will support margins despite the weak order intake. We are lowering our target price to EUR 1.20 (previously EUR 1.30) due to a higher required rate of return. However, we still consider the stock cheap, and a dividend yield of around 7% supports the expected return, so we reiterate our Accumulate recommendation.