Mira Solberg

The asset base got cheaper to run while the sector multiple stayed where it was.

Discipline is only observable under temptation, and this was the test.

Backlog from the new customer set passed the traditional one for the first time. That diversifies the political and cyclical risk the multiple has always carried.

Aftermarket and services now contribute the majority of segment profit and grow independently of the equipment cycle. The whole company is still valued as a cyclical.

The size of the backlog is well known. Its composition changed this year and that has not been repriced.

Multi-year procurement commitments have replaced annual budget cycles across four major buyers. Order books that follow do not behave like a cycle.

The installed base generates recurring revenue that the cycle does not touch, and it has grown every year for a decade.