Här är en färsk och bra analys av Puuilo 
Puuilo’s Q1 report was strong as usual, driven by strong growth in customer numbers. Although the market environment remains unstable, the company has demonstrated its ability to grab market shares through a distinctive concept and cheap price image. Our growth forecasts for the next few years are driven by several annual store openings toward the target of 70 and sales growth in existing stores. The near-term valuation of the stock remains slightly elevated, but we believe this is justified by the strong earnings growth profile and high return on capital. We reiterate our Accumulate recommendation and raise our target price to EUR 11.5 (was 11), boosted by positive forecast changes.
