The announcement regarding the share buybacks went unnoticed amidst the earnings reports, so there was no mention of it in the comment. In itself, I did hint at the idea in the preview, so this wasn’t a major surprise. Without taking a stance yet on any potential changes to forecasts or views following the report (as these haven’t been made yet), at Raute’s revenue-based valuation calculated from the guidance (EV/S around 0.4x), buying back shares is a very justifiable move.
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