We reiterate our BUY and NOK 170/sh TP ahead of Q3 despite seeing some downside risk to Collection Q3 sales given indications of further delays in the Poland rollout. That said, fundamentals remain unchanged - Poland revenues are merely pushed out by one quarter - and we continue to believe Recycling order intake has likely bottomed, supported by a 24% YTD rebound in rPET prices and stable to rising carbon prices. We expect Food to continue strong for the remainder of the year as well.
