We upgrade ATEA to Buy (Hold) ahead of the Q4 report, as we are 8% ahead of consensus EBIT in 2026-27e and see current valuation levels as attractive. Gross profit growth is set to continue in 2026, supported by easing headwinds from Microsoft incentive changes and continued hardware momentum driven by the Windows 11 upgrade cycle. In addition, a potential turnaround in Denmark provides medium-term optionality. While this may require frontloading of OpEx due to a shift towards higher-margin segm ....
