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Balco’s Q1 earnings remained on the weak side, largely due to continued restrictions and low order intake during 2020. While Q1 orders showed early signs of stabilisation with a solid outlook for improvement during 2021, revenues and earnings are likely to remain depressed, at least during Q2 and Q3, we believe. After the report our 2021-22 estimates are lowered by 2-5%, while 2023 estimates are largely unchanged.
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