Exel published its Q1 report on Friday. The company's operational performance was slightly better than we expected. The key causes of joy in the report were in our opinion related to excellently developed new orders, record-high order book, and, thus, the short-term order situation that seems good. The longer-term outlook is also great, and Exel’s own competitiveness is not reprehensible either. The annual return expectation consisting of expected earnings growth and a small dividend is, in our opinion, still sufficient considering the risks.