Demand delays ahead of licence reform push earnings right. We cut estimates as volumes soften, but see intact long-term upside once regulation unlocks catch-up growth. BUY, PT € 6.10.
30 Jan 2026
FY26 to be new inflection year amid delayed reform; chg.
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FY26 to be new inflection year amid delayed reform; chg.
Demand delays ahead of licence reform push earnings right. We cut estimates as volumes soften, but see intact long-term upside once regulation unlocks catch-up growth. BUY, PT € 6.10.