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SENASTE
Balco Group reported Q1 sales ahead of our forecasts, while earnings came in slightly below. In all, a 9% EBIT margin on 2% organic growth in a period heavily impacted by Covid-19 (-25% on order intake) is pointing to strong management and a solid business model. We have only made minor changes to our forecasts. We reiterate our mid-point value of SEK 145. Post a 30% share price decline YTD, we reckon 2023E EV/EBIT is now closer to 11x.
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