Here are Viljakainen’s comments on Koskisen’s Q1 result. 
The main lines of the Q1 report published by Koskisen this morning were already known following the profit warning and preliminary Q1 data issued by the company on Wednesday. The company’s profitability developed weaker than our expectations in both business segments. Due to the weak Q1 result and the significantly lowered profitability guidance, there is substantial downward pressure on our earnings forecasts as well as consensus estimates, at least for the current year. Koskisen’s share hardly reacted to Wednesday’s profit warning, but considering the fairly strong profit warning and the overall picture of the Q1 report, we see the risks associated with today’s share price reaction as negative.