Siili's Q1 headline numbers came in below our estimates. The sales declined y/y some 11% as the comparison period had still relatively strong numbers and timing of Easter impacted the number of working days. Siili continues to see improved client activity, but flags the overall uncertainty. Following the headcount reduction the company should be in good shape when the market picks up. The guidance is being repeated, implying turnaround in earnings momentum in the year end.

SEB Research

This research has been commissioned by the company. Only for professional investors resident in EEA member states. Reports may not be distributed to the US or other jurisdictions where to do so would be unlawful. Please see the disclaimer tab for any details of investment banking services recently provided by SEB that could be considered relevant to the subject matter of this research.