2Q23/24 financial results preview. We expect rather poor financial results in 2Q23/24. 2Q23 sales yoy decline is probably related to falling interest in photovoltaic installations and heat pumps. Besides, the focus on the new clients and market share acquisition declared by the Company’s management probably adversely affected margins. Grodno
■ Financial forecast. Our forecasts (modified in August) stay intact.
■ Valuation. Our 12M EFV (downgraded in August) stays intact.