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Suominen reported higher-than-expected earnings in Q2 and provided an explanation for the lowered outlook that the company issued on 12 August. Management expects the market imbalance to be at its worst in Q3, but demand should start to recover towards the end of the year. We lower our EBITDA estimates by 14% for 2021 and by 6% for 2022, assuming a tough Q3 2021 with EBITDA of EUR 9m followed by some recovery in Q4. Marketing material commissioned by Suominen Oyj.
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