Here is the fresh company report on Raute from Chief Analyst Antti this evening. 
We reiterate our Accumulate recommendation for Raute and adjust our target price to EUR 16.0 (prev. EUR 17.0) in line with slight forecast changes. We added some margin of safety to our forecasts due to the order intake and guidance falling short of Q4 expectations. Raute’s valuation is, in our opinion, inexpensive across all key valuation metrics, provided that the bottom of demand is behind us as estimated by both us and the company. We see Raute’s expected return, consisting of valuation upside and dividends, as higher than the required rate of return.
Quote from the report:
Raute’s balance sheet remains very strong
The company’s net cash position at the end of the year was at a higher level than our estimate, at EUR 38 million, thanks to better-than-expected Q4 cash flow. Raute’s equity ratio was at a solid level of 66% at the end of Q4 (cf. target over 40%). The gearing (net debt-to-equity ratio) was, as in the comparison period, clearly negative at -66% in Q4. Consequently, the company’s balance sheet is very strong. The dividend proposal was EUR 0.65 per share in line with our forecasts, in addition to which the company intends to buy back its own shares for a maximum of EUR 1.5 million (max. 1.7% of the share capital). In our view, Raute’s balance sheet can very well afford this level of profit distribution.