Research house Inderes upgrades its recommendation for Finnish Framery to buy from accumulate following the company’s third-quarter report. The price target is reiterated at 8.0 euros.
Framery’s revenue exceeded expectations, driven by strong growth in North America. Revenue excluding the company’s largest customer increased by 12 percent, versus an expected 5 percent. In the Americas, corresponding growth amounted to 63 percent, while performance in Europe and Asia was weak.
Adjusted operating profit rose to 12.6 million euros and clearly exceeded Inderes’ forecast.
The research house has raised its earnings estimates slightly and expects annual revenue growth of 7–10 percent in the coming years.
Inderes considers the valuation attractive, with an expected P/E ratio of around 14 for 2026-2027 and a dividend yield of approximately 6 percent. The cash flow model indicates a share value of 8.7 euros.
