We reiterate our Buy recommendation and EUR 18.00 target price for Raute. In 2024, Raute achieved a sharp turnaround in earnings after several difficult years thanks to growth and efficiency measures. We believe that the turnaround is on a solid footing, even though the support for the result from growth may fade this year and uncertainties related to the global economy and trade policy will dampen the company's partly investment-driven demand. Based on the low valuation, investors are quite skeptical about the company's ability to even roughly maintain the earnings level achieved as the implementation of the strategy progresses. Thus, we still see a clear pricing error in the stock.