Mr. Viljakainen has published a pre-earnings report on Metsä Board, which will release its results next Thursday. 
We reiterate our ‘reduce’ recommendation for Metsä Board and our target price of 3.00 euros. We slightly raised our Q2 forecasts for the company due to Q2 numbers that were tolerable compared to the conditions of peers’ consumer paperboard units. However, our full-year forecasts fell slightly, as H2 may see somewhat more cost pressures than we previously estimated due to the prolonged macro challenges of the Iran war. We still do not see Metsä Board’s return expectations as attractive, considering the earnings turnaround that will take time even at best, and a potentially structurally weakened operating environment.