At SEB’s Small-cap Seminar, CEO Sonny Mirborn provided a balanced yet convincing presentation on key underlying growth drivers, including ever increasing data traffic and the resulting need for low latency network infrastructure. Targeting the premium market segment, margins are higher too (pro forma LTM Q1/23 adjusted EBITA of c. 8%). While its Danish FTTH market is currently lumpy, we argue this looks well-rehearsed in both our estimates and the market equity valuation.
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