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Ferronordic will report its Q3 results on 12 November. We expect a solid report with 38% y/y sales growth and 19% adjusted EBIT growth, mainly driven by a strong Russian market (new units), which for Ferronordic's mix grew 49% y/y. We make limited estimate revisions for 2021 but raise 2022E- 23E sales by 4-5% and adjusted EBIT by 5-6%, owing to the new Sandvik partnership, FX and recent M&A in Germany. We raise our multiples-based fair value to SEK 264-327 (253-313), for a 2022E EV/EBIT of 6x-7.5x. Marketing material commissioned by Ferronordic.
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