Siili just came out with a profit warning, cutting the sales guidance mid-point by 15% while EBITA-guidance mid-point comes down 39% or EUR 3.5m. We had already input FY 24 sales estimate below the guidance range. However, the new midpoint for EBITA is some 37% below our estimate. Despite some positive signs, the recovery is taking longer than expected and the company is also feeling the cuts in the Finnish public sector.

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