Norrhydro Group

The repayment of the 1.5 MEUR bond will be staggered over three years, which eases the company's debt repayment schedule from a cash flow perspective.

The Board will return EUR 0.02 per share in capital, even though the company's hybrid bond interest rate is as high as 10%.

Norrhydro's Q1 earnings were clearly better than we expected, and strong cash flow supported the company's financial position.

Norrhydro's Q1 profitability was significantly better than we expected.

Earnings turnaround facilitates balance sheet strengthening and lowers the earnings-based valuation.

Profitability and cash flow were stronger than expected. The guidance was in line with expectations.

Conventional cylinders drive the equity story.