We have increased our EBIT estimates 3%, but the better-than-expected development in Snacks and India leaves us more positive short-term. Although our EPS is unchanged on negative Jotun revisions, this is of less importance for our dividend case. At 16x our ’26e EPS on an agenda to crystalize values on top of defensive qualities and the capacity to raise the payout ratio to a sustainable 90%, translating to 5.5-6% dividend yield, we find risk/reward favorable. We thus upgrade Orkla to Buy (Hold) ....
