Purmo Group: Visibility for the rest of the year

By Olli Koponen
Purmo’s Q1 performance was exceptionally good relative to expectations, as net sales and the result exceeded our estimates. The outlook also improved clearly with the guidance and so far, Purmo has managed excellently with increased costs and availability challenges related to materials. After a strong year of growth, we expect net sales growth and the result to moderate, e.g., due to the geopolitical situation, stabilization of market demand and cost inflation, but the earnings level will remain at a good level also according to the guidance. We feel the valuation is very moderate considering the current earnings level and potential and offers a clear upside.
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