Despite projecting 12% y-y growth (7% organic) we are at NOK 510m in Q3 EBITA, down 3% y-y and 5% below company consensus, as we expect continued pressure on gross margins, which is set to continue in Collection with high inflation. However, we expect a resilient order intake in Sorting although the Q3 figures will be inflated by FX (quarter end). Multiples have now dropped back to 2019-levels (20x NTM EBITDA), but the earnings yield is only 2-3%.