Here are Arttu’s preliminary comments as Finnish Amazon releases its results on Thursday, February 6th. 
Verkkokauppa.com will report its Q4’24 results on Thursday, February 6th. The market, in our view, has continued its decline during the important year-end seasons, thereby limiting the company’s earnings capability in Q4. We lowered our earnings forecasts in connection with our preliminary comments, as consumer sentiment still appears weak, and market participants do not believe 2025 will differ significantly from the previous year. Thus, we do not expect particularly positive guidance from the company, but rather a forecast of stable sales and improving results. Considering the uncertainties of the near future, the stock’s valuation appears challenging with our lowered forecasts. We reiterate our Reduce recommendation and lower the target price to 1.45 (previously 1.8) euros.