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SENASTE
Raute’s EUR 46.4m Q3 revenue was soft relative to our estimate, yet the EUR 6.3m comparable EBITDA clearly topped our EUR 5.0m estimate and led already to a very high margin of 13.5%. Raute may not be able to improve much from such an earnings level in the short-term since the market remains challenging, as evidenced by the low EUR 15m new order intake in Q3. In our view smaller equipment orders nevertheless have room to gain next year as their demand has been weak for a while now.
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