Ferronordic delivered a solid Q3 report amid the pandemic and currency headwinds, with EPS 34% above Infront consensus. Net income reached a record SEK 81m, despite Germany still being loss-making due to a 15% y/y market decline in truck registrations in the quarter. We believe its improved financial position enables Ferronordic to deliver on long-term possibilities such as improving the German operations and investing further in expanding its contracting services. We raise our estimates and lift the valuation range to SEK 187-230, which represents 7.8x 2021E EV/EBIT at the midpoint and a 40% discount versus international peers.
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