Innofactor's turnaround progressed convincingly for a couple of years, driven by a strong Finnish business. Last year, earnings growth stopped and now the company seeks return to growth.

We have increased our short-term earnings estimates particularly for the Oil Products segment, reflecting the favorable market situation. However, we haven’t made any changes to our longer-term forecasts, as we don’t expect the sharp rise in the refining margin to be sustainable in the long run.

Stora Enso issued a positive earnings revision yesterday for the current year, but the expected revision did not change estimates much.