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Purmo Group: Earnings improve with efficiency measures and growth

By Rauli JuvaAnalyst
Purmo Group
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We expect market weakness to push Purmo’s result slightly downwards this year. We believe that the efficiency program, market turning to growth and growth, especially, in the Solutions division, will support clear earnings growth in 2024-25. The recent hybrid bond resulted in a decrease of over 10% in our per share estimates for the next few years. Purmo’s valuation is moderate and we still find the expected return to be sufficient.

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