We have mainly made minor adjustments to our forecasts as the financial statements approach. The price of electricity has again made an upturn, which we are considering cautiously. Fortum’s balance sheet is already over-capitalized and there are not many investment targets for now, so dividends will be abundant for the financial year 2023. We feel this combined with a low valuation (2024e P/E below 12x) gives the stock an attractive risk-adjusted expected return.