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SENASTE
After nine years as CEO Mr. Kenneth Lundahl has decided to leave Balco to pursue his own ventures. We argue Mr. Lundahl has been instrumental in growing Balco from about SEK 0.5bn in sales at the start of his tenure in 2013, to SEK 1.1bn last year, including various M&A. The process of finding a replacement has been initiated and, if needed, Mr. Lundahl plans to remain in his position until mid-December this year. We reiterate our mid-point value of SEK 145.
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