Let’s also add some brief comments on the results here on the forum. Indeed, the market situation had continued to pick up, similar to the end of the year. At the same time, it’s good to note that the growth in order intake is largely explained by the EUR 10 million wind power order announced earlier in the year (this is, of course, a positive thing). On the other hand, short-term market comments were understandably somewhat cautious, but the order book, which is at a higher level for the first time in a long while, provides some support, even though its structure is, in our estimation, longer than normal (e.g., a wind power order that spans several quarters). Despite this, the order book in Exel’s case is chronically quite short, which means that a prolonged period of current market uncertainty / escalation of the situation could quite quickly reflect on Exel’s business conditions. However, we estimate that the current uncertainty will resolve within a reasonable timeframe, so such a scenario has not been included in our current forecasts. This does, however, partly increase forecast risks. Nevertheless, we assume that the current situation will negatively impact Q2 development, at least in terms of new orders, but revenue growth will continue to accelerate from next year onwards, also reflecting the volume growth of production at the Indian factory.
Regarding the forecast changes made now, it’s good to note that the percentages were quite large, but the absolute changes were then considerably more limited 
As for valuation, this year is still about gathering momentum, reflecting the market, and the overall valuation is elevated. Conversely, next year, with our current forecasts, the valuation will fall to the lower end of what we consider an acceptable range, which for now, in our opinion, is a fairly neutral level given the yet unproven clearer turnaround in earnings and the volatile earnings performance of recent years (incl. the aforementioned forecast risks). Our DCF model also speaks the same language. Of course, we recognize that the stock has potential in the medium and long term if the company can even come close to its ambitious targets (incl. an increase in valuation multiples due to a decrease in risk level and growth in profitability and capital returns), but the company still has a lot to prove regarding the achievement of these targets.
Otherwise, in my opinion, the implementation of the strategy has progressed well on schedule, and the company should, at least on paper, be in a better position than before in terms of cost profile and factory setup to achieve a sustainable turnaround in earnings when the market turns. However, in Exel’s case, it’s important to note the strongly investment-driven demand, the fluctuations of which the company finds difficult to manage, reflecting the aforementioned short structure of the order book. Furthermore, there is still a certain burden of proof, for example, regarding the successful ramp-up of the Indian factory and the margin profile of volume products (especially wind power). But overall, the underlying sentiment regarding the company’s own actions, for example concerning strategy implementation, is, in my opinion, on the positive side. Let’s see if the turnaround progresses faster than the undersigned expects, and recommendations will, of course, be reviewed regularly
