I have been looking for a buying opportunity for this stock, but I don’t understand the basis for the share price increase after the negative earnings warning. If this were purely a product business, I would see the layoffs as a positive thing, because they would generate direct savings. In the consulting business, the situation is different: co-determination negotiations (YT negotiations) and the reduction in personnel clearly indicate that revenue will also weaken next year.
Furthermore, the layoffs now target billable personnel, which increases the relative costs of administrative tasks. I believe that in 2026, there will be new co-determination negotiations to specifically adjust administrative roles. As a result, I estimate the share price will drift closer to one euro — a price level at which I myself am willing to buy.