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Balco Group reported Q1 sales 3% ahead of our estimates and EBIT of SEK 26m (6% below), which equates to a 8.9% margin. This compares to our SEK 27m estimate (-6%) and consensus at SEK 29m (-11%), implying a tentative 1-2% cut to full-year 2022 EBIT estimates. Order intake was only +11%, much below our 35% growth forecast. Due to delayed building permit approvals in Sweden and Norway, "this will have a negative impact in Q2" (as well). We reiterate our mid-point of SEK 35.
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