Suominen's Q3 comparable EBITDA was slightly ahead of Vara Research consensus. The company alluded to continued operational improvements and stronger production volumes in Q3. However, we note persistent production challenges in the US that could continue to affect performance in Q4. On a positive note, the company has been able to catch up with increasing variable costs, which we view positively given overcapacity, especially in Europe. We trim our 2027-28 estimates and derive a slightly lower DCF- and multiples-based fair value range of EUR 0.5-0.8 (0.6-0.9).
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