Aapeli has, as an energetic young man, prepared a new company report on Ponsse right after Q1. 
Ponsse’s operational Q1 figures exceeded our expectations across the board, which in turn increased confidence in our forecasted margin improvement for the coming years. Correspondingly, the company reiterated its guidance for the current year, reflecting increased uncertainty, but we still consider the guidance cautious given the low comparison base. On the other hand, we estimate that the prevailing geopolitical tensions will, however, curb a positive market turnaround and and create uncertainty in the demand outlook for the forest machine market. In line with the overall picture, we have made only minor adjustments to our forecasts for the coming years and see the stock as neutrally priced at present. Reflecting this, we reiterate our reduce recommendation for Ponsse, but revise our target price to 25 euros (previously 24 €).