Koskinen’s Q3 report was weaker than we expected in terms of earnings. Some of this, however, is due to the maintenance shutdowns in July that were clearly longer than we expected, although the market situation has not recently developed positively either. In the current situation, the share cannot be priced at particularly high multiples, but Koskisen’s valuation is very moderate, especially on EV basis despite the short-term estimate cuts. Thus, we find the risk/return ratio of the share to still be attractive.