Inderes Group - Near-term growth still relies on Finland - SEB

We expect a broadly flat performance by Inderes in Q1, with the timing of Easter causing headwinds in March. The investment case and long-term growth still rely on expansion in Sweden, but we think group growth in 2024 will continue to be driven by the Finnish operations, with AGM services and IR software as key contributors. On unchanged estimates, our fair value range is EUR 18-20 (from EUR 18-19 previously).