Purmo manufactures and sells radiators and other sustainable indoor climate solutions for its customers globally. With its strategy, the company aims for the leading position in sustainable indoor climate solutions. In recent history, growth and profitability have been very strong, but we are now seeing the rate stabilizing over the next few years. However, we feel the valuation is still moderate relative to the current earnings level, peer group and potential. Based on the upside in valuation and the dividend yield, we feel the share's return expectation is attractive.