Hoist Finance published an update during the Easter holiday and we were utterly disappointed – particularly following its solid CMD in February. After prolonged lockdowns and operational challenges – mainly Spain, but Hoist also cited the UK and France, an impairment of SEK 350m is needed. This more or less wipes out our 2021 earnings and dividends and consequently we lower our target price to SEK 44 (48), equivalent to 7.5x our 2022e EPS and 0.93x 2021e BVPS.
