We expect Boreo’s sales to grow 18% organically y/y as the company is facing a very weak comparison period still in Q3. We expect also oper. EBIT to improve, but margin to weaken due to less favourable mix. Boreo’s performance has started to improve, while market slowness remains. However, order books should support earnings generation in the short term. We reiterate our FV range of EUR 15-19 after only minor estimate revisions.
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