A new extensive report on Oriola is out today. The company updated its financial targets and segment structure in the spring, and we have naturally updated our report and views accordingly.
In the big picture, however, this remains a waiting phase in the sense that the IT system investment will be completed in 2027 and the move to a new logistics and distribution center in Finland will take place in 2028. Efficiency benefits should eventually be realized from these. The associate company Kronans remains poorly profitable, and it cannot/will not be sold until profitability is in order. Thus, one will likely have to wait 2–3 years for all major drivers. At the same time, all of these naturally pose risks either operationally or, in the case of Kronans, to the balance sheet. However, the share price is affordable enough that we believe there is value here, but its unlocking may indeed take a while longer.
It should also be mentioned that the company held a pre-silent call this morning, which in my opinion contained no significant news. The trends seen in Q1 (e.g., weakness in expert services, but strength in parallel imports and a lively Swedish market) have continued into Q2, and there should be no significant impacts from cost inflation as the company passes on the increase in logistics costs.