We expect Lassila & Tikanoja (L&T) to face pressure from a rise in diesel and gate prices in Q2. L&T is raising prices and while all cost increases may not be offset in the short term, the company could benefit if diesel prices fall. L&T has announced another bolt-on acquisition. The pace of M&A has accelerated recently, which we see as creating value. We derive a fair equity value range of EUR 7.2-9.3 per share.
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