To our delight, Atte put together a company report on Teleste on Saturday following Q3 
We reiterate our Accumulate recommendation for Teleste, but adjust our target price to EUR 3.9 (prev. EUR 4.2). Q3 revenue fell clearly short of our expectations due to deliveries shifting into Q4, but strong profitability levered earnings up to the level of our expectations. We made minor cuts to our forecasts, as uncertainty still lingers over the investments of the two largest North American customers in Networks. The strong performance of Public Safety and Mobility partially offsets this. Based on our forecasts for next year, Teleste’s valuation is very low (2027e EV/EBIT 7.4x) if the earnings growth materializes. However, the uncertainties surrounding this still keep our view slightly restrained at this stage.