Balco Group - the market leading provider of turnkey solutions for glazed balconies - recorded sales and EBIT well ahead of our and consensus forecasts. As feared, the order intake was rather weak - and also compared to our (lowered) expectations ahead of Q4 results. Proposed DPS of SEK 1.50 (two payments) reflect its strong balance sheet (net debt of SEK 105m) and we argue sends a convincing signal on outlook. We maintain our SEK 80 mid-point value per share.
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