Here is Aapeli’s equity research report on Exel following the Q1 results 
Exel’s Q1 figures exceeded our expectations across the board. The company’s demand situation remained good, and it reiterated its guidance pointing towards significant growth and earnings improvement. Following the strong performance in the early part of the year and the favorable market situation, we raised our forecasts for the coming years. We are prepared to look further ahead at the stock’s valuation, as the report reinforced our confidence in the realization of earnings growth as volumes increase. We see the expected return formed by our forecasted earnings growth as attractive looking into next year. Consequently, we upgrade our recommendation to Accumulate (prev. Reduce) and raise our target price to EUR 10.5 (prev. EUR 8.25).
Quoted from the report:
We also raised our growth forecasts for the coming years due to the continued favorable market activity and a promising-sounding sales pipeline. Our increased growth forecasts also flowed down to the earnings lines. We also raised our long-term margin forecasts, supported by the actual development and growth forecasts. Regarding revenue, we see the greatest uncertainties relating to the volumes of the Indian factory and the timing of conductor core orders.