Inderes repeats the Reduce recommendation and the EUR 0.60 price target for Nurminen Logistics after the third-quarter report.
The research firm highlights stronger-than-expected growth in European rail traffic as the report’s main positive. At the same time, North Rail’s revenue declined more than expected, and adjusted EBITA of EUR 1.8 million was 9 percent below Inderes’ estimate.
Inderes raises its revenue forecast for 2026 to EUR 109 million from EUR 106 million, but cuts its operating earnings estimates for 2026 and 2027 by 5–8 percent. The forecast for adjusted EBITA in 2026 is lowered to EUR 10.1 million from EUR 10.6 million.
The research firm sees potential in European traffic in the medium term, but assesses that the valuation and estimate risks limit the upside in the short term.
