We raise our SOTP-based fair value range to SEK 28-61 (SEK 21-49), with the lower end based on our 2023 estimates and an inventory sell-off in 2022 valued at 1x EBIT. The upper end includes Germany at a 5% margin (up from 1.3% in 2023E, adding SEK 34 per share at 7x EBIT). We also project SEK 101 in value uplift if suppliers return to Russia (at 3x EBIT). The 2023E valuation is now 2.3x EV/EBIT. Marketing material commissioned by Ferronordic.
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