The share is up 11% L3M, driven by strong market statistics and a record Q1 report. On our estimates, the share is trading at 6x ’22e EV/EBIT, offering 7-11% lease adj. FCF yield for ’21-’23e. The company will host a conference call at 10:00 CET, dial-in SE: +46850558358, UK: +443333009266. The presentation can also be viewed via live stream at: https://tv.streamfabriken.com/ferronordic-q2-2021