Q3e: adj. EBIT down y-o-y on tough Kanthal comps. Adj. EBIT raised by 2-1%, mainly driven by Strip. Unwarranted discount to stainless peers persists: BUY.
Q2e: sequential improvement as short cyclical sales improve. Minor, mainly FX-driven revisions to adjusted EBIT. We keep BUY with an unchanged TP of SEK 84.