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Neste OYJ (NTOIF, NTOIY) remains a structurally advantaged player in renewable fuels, but current valuation is unattractive. Recent EBITDA surge is driven by cyclical spikes in renewable product margins, not a fundamental operational turnaround. Normalized earnings power is materially below current run-rate; I maintain a €22.5/share price target and a 'Hold' rating.