Here is the company report from Aapeli following Ponsse’s Q3. 
Ponsse’s Q3 figures fell clearly short of our expectations. Despite the subdued result, the company reiterated its guidance, which we believe will require a flawless performance in Q4 to achieve. We expect a very strong end to the year from Ponsse, but see the risk of a profit warning turning into a slight guidance downgrade. With the uncertain market situation persisting and inflationary pressures mounting, we also significantly lowered our forecasts for the coming years. In our view, a more pronounced turnaround in the market situation in the short term would require an easing of geopolitical tensions, for which there are currently no indications. Following the forecast cuts, we see the stock’s valuation as fairly well balanced when taking into account the medium-term potential and short-term risks.