Balco’s Q2 showed a massive beat in order intake (+62% vs SEB), with orders growing by 82% y/y, supported by gradually lifted Covid-19 restrictions. While revenues came in largely in line with our forecast, EBIT was some 20% ahead of expectations, driven by better mix and solid execution. Order momentum in H2 is expected to remain strong, which together with today’s beat should support consensus H2 and 2022 estimates.
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