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We expect a solid Q1 report on 11 May, supported by the recent strong delivery and order intake figures for Volvo Trucks. As a result, we expect the German margin to turn slightly positive for the first time, which is an important driver for our valuation, where we attribute most of the long-term EV to the German operations (besides the net cash position). Ferronordic is trading at 12x 2023E EV/EBIT, which declines to 7x 2024E, i.e. below Mekonomen and Finning's 8-9x 2024E (but above both for 2023E). Our multiples-based fair value range increases to SEK 87-105 (85-100), corresponding to an EV/EBIT of 9x for 2023E and 2024E. Marketing material commissioned by Ferronordic.
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