Shares tumble after results.

Shares rose over 21% following the results. 

Cyclical upturn should alleviate margin pressure.

New CEO has relevant experience in business transformation.

We see a rebound in sales after a rough 2024 but the shares remain overvalued.

Sales momentum is building and the shares are trading at a 54% discount to our fair value.

Shares jumped over 8% after reporting results.

We believe there is upside despite weak performance this year.

A set-back to network expansion but long-term plan remains intact.

There were positives and negatives in the full year 2024 results.