Koskisen held a call with analysts yesterday ahead of the Q1 silent period. Koskisen published the key themes of the questions and answers in a press release yesterday, which can be read here. The content of the discussion reflected a somewhat stable business environment compared to the rest of the year, adjusted for normal seasonal factors. Performance seemed to be more or less in line with the company's expectations on all fronts.

In our opinion, the acquisition of Iisveden Metsä and the expanding wood procurement support Koskisen’s growth strategy and the Sawn Timber Industry. We consider the valuation of the transaction fairly neutral in the outset, so in Koskinen's scale, we believe the value creation of this medium-sized arrangement relies especially on the synergies arising from the growth of both businesses.