For yet another quarter, Nexam was hurt by slow demand in the wind power industry. However, sales for other parts of the Performance Chemicals segment seemed to expand, and the company’s Reactive Recycling business appears to be on track. We have lowered our 2023e sales to SEK257m on a changed view on the near-term outlook for PET foam, and have reduced our fair-value range to SEK10–14 (13–17).
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