Apetit

We expect a cautiously positive trend for the rest of the year, but this is not enough to warrant the current share price.

The figures were weaker than expected.

Uncertainty regarding the earnings turnaround in Sweden has increased.

A poor pea harvest is slowing down the earnings turnaround in Sweden.

The valuation of the stock has moderated due to the share price decline, but cost pressures limit the visibility of an earnings turnaround.

We believe the company's earnings outlook is weaker than before because cost pressures are overshadowing it.

Apetit's Q1 result was clearly below our expectations, as the company's EBIT turned negative, contrary to our expectations.

After the company issued a technical profit warning yesterday related to the closure of the Pudasjärvi frozen pizza factory, we lowered our reported earnings estimates for the current year.