The performance of Tokmanni, which we monitor, was quite favorable at the end of the year, as its growth in Sweden was in line with Rusta, and in Finland, we estimate that Tokmanni exceeded Rusta's performance.

Based on preliminary information provided by the company, the EBITA result for Q4 exceeded the company's own guidance and analyst expectations. This was likely due to a tighter cost structure, as Q4 sales were broadly in line with expectations.

Puuilo has continued its history of steadily gaining market shares despite the current challenging market situation. We feel the company has the potential to double its revenue in the long term, and its positive impact on earnings would act as a clear value driver for the stock.