Thomas has written a company report on Wetteri regarding Q2 
Wetteri’s second-quarter earnings report fell short of our expectations in terms of both revenue and, in particular, profitability. The tight competitive situation in the used car market and weakened profitability in the service business pushed the result significantly into the red. The outlook for the remainder of the year is strongly supported by a growing order backlog, significant efficiency programs, and an upcoming strategy update. Despite this, our updated operating profit forecast remains below the guidance range. Despite the potential drivers, we believe the stock’s risk-reward ratio remains poor at the current valuation until we see signs of a recovery in profitability. We are updating our target price to 0.15 euros (prev. 0.16 euros) and reiterate our “reduce” recommendation.