While first-quarter performance came in weaker than expected and annual guidance was narrowed toward the lower end, the brokerage notes that the messaging also aimed to provide reassurance on commercial traction, as well as the recovery of profitability and free cash flow (FCF).

Following this release, Invest Securities has slightly lowered its 2026 organic growth estimate (to -3.7%), with no impact on its 2026-28 earnings expectations, given that profitability forecasts were revised slightly upward.

Although short-term momentum remains constrained by the closure of the private debt market, making refinancing unlikely, the low valuation combined with improving momentum in the second half of 2026 prompts the analyst to remain buyers of the stock.