Afarak’s Q2-report came below our expectations in the big picture, although the moderate market price environment supported sales Y-on-Y. Profitability fell short of our expectations despite being better than on weak Q2’16. Afarak guided that Q3’17 will be below Q2’17, which was in line with our expectations. However, we did some estimate revisions for H2’17. We argue that the valuation is still too high given our earnings estimates and thus the risk profile is still elevated.