~10% order and EBIT beat, but the share traded down today. Main negative was -2.4bn in FCF, but should have been expected. Share reaction demonstrates exceedingly high expectations, SELL
In-line Q1 as Auto margin recovered. Estimates unchanged; return to growth modelled for Q4. Adds some support even after partial cyclical re-rating. HOLD.
Q1: 9% beat, but Kemi shutdown to weigh on Q2. Early-cyclicals improve, late-cyclicals to follow. Kemi and Husum projects could add >50% to EBIT. HOLD.
March smolt release in Chile was 13.2m (+24% y-o-y), with smolt release for '25e harvest down 7% y-o-y (ABGSCe +2%). Chilean biomass down 2% y-o-y, suggesting muted harvest potential short-term