We downgrade our order intake forecasts in Q4 and in the year ahead. We believe rising interest rates and uncertainties surrounding financing costs for Balco’s key customers (tenant-owned housing associations accounted for 72% of sales in 2021) are a key concern in the near term. In all, we leave our financial forecasts broadly unchanged and we set our revised DCF-based mid-point value at SEK 80 (SEK 90).
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