🔴 NEC is trading 5.78% down today as strong Q2 profit growth is offset by CSG integration costs and negative free cash flow outlook

NEC is trading 5.78% down at €27.89 despite reporting a substantial 47.7% year-over-year increase in first-half non-GAAP operating profit and raising full-year guidance. - Investors appear to be focused on the negative free cash flow of ¥90 billion, primarily due to cash outflows related to the CSG acquisition. - Concerns about the integration costs of the recently acquired CSG Systems International also contributed to the muted market reaction, despite Q2 operating profit exceeding internal expectations.