This company’s stock no longer seems as expensive, but what does the future hold?
Watch and read! 
We reiterate our Buy recommendation and EUR 22.0 target price for Tietoevry. Tietoevry’s Q4 was slightly weaker than our low expectations. The market environment remains challenging and the guidance points to a similar performance as last year, after which we expect the company to return to a better earnings growth path. The company also said that the strategic review of Tech Service will be completed in March, but there is more pressure on the selling price than before. Despite near-term operating pressure, the valuation picture of the share remains very attractive from multiple perspectives (2025e DCF EUR 23, SOTP EUR 23 and dividend-% 9%).
