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Exel has been quite successful in its operational activities over the present year, but with a significantly weakened macro picture and short visibility of the business, there is still considerable uncertainty about the company's near-term performance. However, in our view, Exel's position as a truly global player in the pultrusion market provides the company with good prospects for longer-term growth, which supports a positive recommendation. 

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Trade. (Exel Composites)