For some time, we were hesitant to extrapolate a margin expansion within the refractory part of the business in Höganäs Borgestad before the company proved that it was sustainable over the longer term. Following a strong development in the last 12 months, we have consequently raised our forecast and with this in mind, yesterday’s figures were a major setback. Based on management’s guidance, we have decided to give the company the benefit of the doubt and only discount in a small negative revisio ....
