Arttu has published a new company report on Wulff after Q3. 
Wulff reported a stronger-than-expected improvement in results. The sales distribution is developing in a more favorable direction for the company, and the uncertainty related to the turnaround in results has slightly eased in our view. We raise Wulff’s target price to 3.50 euros (previously 3.20 e) in line with increased forecasts. We see the stock’s valuation as moderate and the risk-reward ratio attractive, which is why we raise our recommendation to ‘add’ (previously ‘reduce’).
Excerpt from the report:
Cash Flow Increased and Balance Sheet Position Improved
*Operating cash flow for the first three quarters improved to EUR 3.8 million (Q1-Q3’24: EUR 1.8 million), driven by the improvement in results. Free cash flow, considering acquisitions, was around zero (excl. M&A EUR 2 million), whereas in the comparison period, the figure was negative. The sale of a property released over EUR 6 million in cash, part of which was used to repay interest-bearing debts. Thanks to reduced net debt (EUR 14.6 million incl