Aapeli has made a new company report on Glaston after the Q3 report. 
The company’s Q3 result clearly exceeded our expectations, but orders received remained subdued. It also expected the subdued market situation to continue at least until the end of the current year. In our view, the risks of the situation prolonging are elevated, and together with an already low order book, Glaston’s short-term outlook is challenging, especially looking at the beginning of the year. Reflecting this, we significantly lowered our forecasts for next year. However, we expect the market situation to gradually pick up during 2026, which led to smaller changes in our longer-term forecasts. In the current situation, we do not believe there is significant upside potential in the stock’s valuation before the earnings growth outlook strengthens, and we estimate that the expected return will remain slightly below the required rate of return.
Quoted from the report:
In line with the overall picture, however, our operational forecasts for the current year largely remained unchanged due to better-than-expected Q3 performance. We also estimate that the current order book will largely be allocated to this year, reflecting the guidance. Given the starting points, we forecast the company’s revenue to decrease significantly next year, while growing clearly in 2027 through a gradual recovery of order intake and order book. Reflecting the revenue forecast reductions, our earnings forecasts were also under pressure. However, we expect cost-saving programs to partly defend the margin next year and support development thereafter (2025e-27e: adj. EBITA-% 6.1-7.1 %)