Bildkälla: Stockfoto

Ferronordic: Proving its worth, once again - Nordea

Ferronordic continued its solid performance despite the market turmoil. Its unit sales in the Russian/CIS market grew 14% y/y even though the overall market declining 40%.

This was mainly achieved because of the company's large and resilient customers prioritizing their long-term performance. The aftermarket grew in line with our estimates, while contracting services beat our expectations by ~40%.

We believe the market will recover some of the steep fall during the remainder of 2020 and we remain positive on the longer-term outlook, due to upcoming investments in Russian infrastructure as well as Ferronordic's proven business record.
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