NYAB's performance in the seasonally slower first quarter was well above our expectations. The company also commented that the market environment in its larger market area of Sweden has continued to strengthen. Reflecting the report and the stronger market outlook, we raised our growth and earnings forecasts for the coming years. With a good performance in the first quarter of the year and a brighter outlook for earnings growth, we also see the stock's risk level declining and the valuation offering a slight upside for next year.

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