Aapeli has made a new company report on the strongly performing Nurminen. 
Nurminen Logistics’ Q1 report was stronger than our forecasts in terms of operational figures. We estimate that this was primarily due to North Rail’s performance, and partly also to the improved development in the Baltics compared to previous quarters. The company also, quite unsurprisingly at this point, reiterated its guidance for the current year. Instead, we kept our forecasts for the coming years practically unchanged, reflecting the elevated uncertainty related to the global economy. In line with the overall picture, we reiterate our target price of 1.2 euros and our ‘add’ recommendation.
Quoted from the report:
Nurminen’s operating cash flow was strong at EUR 6.0 million in Q1. Considering low investments (-EUR 0.4 million), Q1 free cash flow before lease liability payments was at a good level. Figures for the preceding 12 months are also strong (operating cash flow EUR 10.1 million, free cash flow EUR 15.6 million). However, it is worth noting that a portion of the cash flow belongs to the minority owners of the Baltic and North Rail businesses.