Due to the coronavirus and the worsened economic outlook, customer demand in Beijer Groups’ cyclical end-markets will weaken. However, in 2009, the company remained profitable with an operating margin of 6% and solid positive cash flows, demonstrating that it can manoeuver a period of economic downturn. We believe that today’s organisation is even sharper and are taking the right preventive measures to limit the negative impact. Our lowered forecasts yield a base case of SEK 46 (55) per share, and we remain positive to the long-term buying opportunity.