While the OSEBX is down 20% YTD the Orkla share is up, as Covid-19 has resulted in temporary hoarding of certain foods and household products. Orkla is also benefitting from NOK weakening, low interest rates and risk aversion. While all these factors could last for a while, we argue that this is the time to cash in your profits. We reinitiate coverage with a Sell recommendation and a TP of NOK 80, as we expect focus on long-term challenges to drive multiple contraction.