Here is the company report from Aapeli following Kesla’s Q1 results 
Kesla’s Q1 result dipped into a loss as expected, reflecting the low order backlog. Order intake jumped due to a large Defence order, and the civilian side also showed cautious signs of recovery. Consequently, we have raised our forecasts for the coming years, although the development of the situation in the Middle East casts some uncertainty over the outlook. Despite the higher forecasts, we still see high financing-related risks weighing on the risk-adjusted expected return, in addition to the recent share price rise.