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Q2e: reversal of delayed deliveries and better demand. Minor revisions, adj. EBIT lowered by 1-2%. Gradual improvements expected, keep BUY.
High value-add, advanced stainless steel producer. 11% '24e-'26e adj. EBIT CAGR after a slow start to '24e. We initiate with BUY, TP SEK 85 (15% upside).
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