The Q3/22 report is expected on November 4th. In Q2/22, the company failed to deliver figures in line with our expectations and we thus made negative estimate revisions on the back of it. Ahead of the Q3/22 report, we expect the real estate portion to deliver solid figures and the refractory part to improve slightly q-o-q. We have only adjusted estimates for FX/interest rate development and keep our valuation range unchanged (NOK 1.1-4.4/share).
