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The company's Q2 performance was exceptionally good relative to expectations, as net sales and the result exceeded our estimates. The outlook was in line with expectations given the unchanged guidance. The company has so far coped well with rising costs and market challenges, although there are uncertainties, especially in the third quarter. After a strong year in 2021, we expect net sales growth and earnings to moderate due to, among other things, the economic situation, market demand normalizing and cost inflation. However, we feel the valuation is very moderate considering the current earnings level and potential and offers a clear upside.

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