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Balco: Innovating and capitalizing - SEB

We believe Balco Group, a leading provider of mainly glazed balconies, will report solid Q4 results (adjusted EBIT growth of 42% y/y) on the back of good order intake (pent-up demand post-pandemic restrictions) and close to 4% organic growth (18% net sales growth). We expect management to guide for a good outlook in 2022, including strong order intake as society re-opens. We reiterate our mid-point equity value of SEK 135 per share.

We believe Balco Group, a leading provider of mainly glazed balconies, will report solid Q4 results (adjusted EBIT growth of 42% y/y) on the back of good order intake (pent-up demand post-pandemic restrictions) and close to 4% organic growth (18% net sales growth). We expect management to guide for a good outlook in 2022, including strong order intake as society re-opens. We reiterate our mid-point equity value of SEK 135 per share.
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