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Exel’s Q1 report was close to our expectations in terms of top line and profitability. Order intake was very high. Exel also highlights the risk that global raw materials challenges may hurt short-term profitability.

According to Exel global raw material and logistics challenges have not so far had a significant impact on profitability. There is nevertheless an elevated risk that raw materials price inflation, as well as shortages, will have a short-term negative impact on profit margin.

Rating; buy, target price 11,0 EUR.

Source: Finwire News.