Equity research, HANZA: Preview Q1 2024

Carlsquare Equity Research expects a slow start to 2024 for HANZA and trim our estimates accordingly. Comparisons are getting more challenging, and the reports from Nordic peers so far suggest organic growth has come to a halt. Q1 will likely be distorted by the acquisition of Orbit One in late 2023. We assume adjusted margins will drop to seven per cent, below target, before expected synergies kick in later in the year. We lower the base case valuation.

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