Q3e: fairly flat prices (in SEK), higher volumes. EBIT excl. PIR lowered by 5-2% for '24e-'25e, '26e unchanged. Overreaction to Q2 miss creates a BUYing opportunity.
>100% adj. EBIT excl. PIR growth in Q2e. Adj. EBIT excl. PIR lowered by 4-2% for '24e-'26e. Attractive valuation, strong earnings momentum, easy comps. BUY.
Q1 was the low point, outlook significantly better. Higher prices and weaker SEK drive positive revisions. Share up to BUY (Hold), new TP SEK 390 (310).