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Ferronordic delivered a Q1 report above Infront consensus expectations, with sales 9% higher and adjusted EBIT 29% higher (12% above our estimate). Adjusted EBIT improved by 64% y/y, despite currency headwinds, owing to strong performance in all Russian segments, as we highlighted in our preview. We lift our EBIT estimates by 4-6% for 2021-23 and now pencil in a 13% EBIT CAGR for 2019-23. We raise our multiples-based fair equity value range to SEK 217-289 (197-248), which represents a 2022E EV/EBIT range of 5.5-7.5x (5.5-7.0x). At the midpoint, this suggests a 46% discount to peers, which are trading at 2022E EV/EBIT of 12x. Marketing material commissioned by Ferronordic.
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