We expect KID to report Q3/21 EBIT of NOK 110m, down 15% Y/Y, in line with latest Factset consensus. We expect increased shipping costs to have a negative impact on Q3/21 gross margins compared to Q3/20. KID has already pre-announced Q3/21 sales of NOK 750m, corresponding to like-for-like sales growth of 0.1% driven by strong performance from Hemtex. We reiterate our Hold recommendation and our TP of NOK 120 per share ahead of the Q3/21 results.
