Since April 2020 demand for home & interior products in Norway has been unusually strong, driven by a combination of travel restrictions and consumers spending more time at home. While we expect demand to remain firm, we expect challenging comparables to result in negative Y/Y sales growth in H2/21. We downgrade our recommendation from Buy to Hold and maintain our TP of NOK 120 per share, implying a 2022e P/E of 13.9x and dividend yield of 6.3%.