Sorry, I almost forgot—here’s also an analysis of Neste!
We made exceptionally large estimate cuts for the short and medium term, as we adopted a more pessimistic view on the recovery of Renewable Products’ margins and consider the postponement of the Rotterdam expansion. With our updated forecasts, we believe the stock’s lower expected return is not sufficient to cover the risks of the distant upside potential, especially considering the weakened financial position. Hence, we lower our recommendation to Reduce (was Accumulate) and our target price to EUR 11.50 (was EUR 15.5).