Atte and Roni have been getting a head start on the company report. 
We have added QPR’s directed share issue to our forecasts. With the improved balance sheet position, the company has a stronger capacity to increase growth investments. US tariffs and a potential escalation of the trade war bring some uncertainty to the development of the demand environment, but we have not made changes to our forecasts at this stage. The review of growth prospects will again be central in the company’s Q1 report, to be published on April 24th at 9:00 AM. In our opinion, the stock’s valuation (2025e EV/S 2.6x) still prices in significantly stronger profitable growth than our forecasts. Due to the decreased risk profile through the improved balance sheet position, and the capital raised at a good valuation, we raise our target price to 0.75 euros (previously 0.70 euros) and reiterate our sell recommendation.