SEB:n Q3-raportti:
Shaky development
Boreo continued sliding in Q3, with the quarter marking the fourth straight quarter of a decline in organic sales of at least 20%. Despite this, the margin management has been relatively good this year due to pricing, mix and cost action. However, we see leverage as clearly too high, hampering the M&A driven investment case significantly and increasing balance sheet risks. Our fair equity value is down to EUR 11-12 (13-15).