While the Q4 figures remain strong and in line with the rest of the year, the outlook guides for sales margins “to be lower than the very high level of Q4 20, but to stay healthy”. Given the bullish estimates on the company, this outlook weighs on the stock. Yet, with Neste’s successful renegotiation of its term contracts and the ever-increasing environmental mandates, the company could mitigate the price increase in the feedstock.
