Redeye: Addnode Group - Excellent Start of 2020 – Challenges Ahead

Redeye remains neutral to Addnode following a very strong Q1 – driven by acquired and organic growth in Design Management. However, the coming quarters will be challenging for two out of three Divisions, and the share price has recaptured the bulk of earlier Corona-related losses. We raise our 2020 and 2021 EBITA forecasts by ~2% and increase our Base case slightly.

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