We expect Lassila & Tikanoja’s sales to increase in Q3 driven by Remediation and Industrial Services, as well as from price increases. However, diesel prices and gate fees have remained high, which puts pressure on profitability and, in response, L&T has acted to improve efficiency. We believe that L&T has many drivers for profit, but it needs to first handle the growing pressure from diesel costs. We lower our fair value to EUR 5.9-7.5 (7.1-9.0).
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