Aapeli has prepared a new company report on Nurminen for Q1. 
Nurminen Logistics’ Q1 result was well in line with our expectations. The company commented that its market outlook is stable, and we believe there has been no significant change in it. Reflecting the overall picture, the forecast changes we made remained minor. We currently see the share’s earnings-based valuation as moderately attractive, but a high cash flow yield strengthens the risk-adjusted return expectation. Reflecting minor forecast changes, we reiterate our “add” recommendation for the share and our target price of EUR 1.0.