Here is the company report from Pauli following Norrhydro’s Q2. 
A strong start to the year gave way to weaker demand in Q2 due to geopolitical uncertainty. In our view, the realization of the company’s guidance is uncertain, but we still consider the stock’s valuation to be attractive, even if the result remains near the lower end of the guidance range, as we currently forecast. In the big picture, the company has succeeded in significantly improving profitability and strengthening its balance sheet. We reiterate our “accumulate” (lisää) recommendation, but we are lowering our target price to 1.4 euros due to earnings estimate cuts and guidance risk (previously €1.7).