Q1 looks solid, with a 9% PFPM beat versus consensus, positive value changes (0.3%), and a 6% upward revision in earnings capacity (PFPM), boosted by buy-backs, although net letting was negative at SEK 3.3m. Based on our initial take, the beat is mainly driven by a higher contribution from associates and lower financial expenses. We believe that a positive reaction is warranted (a couple of percent). On a preliminary basis, we expect PFPM revisions (a couple of percent).
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