BTS today upgraded the 2021 guidance on EBITA to be “significantly better than in 2019” vs previously “better than in 2019”. We estimate this to correspond to >20% higher EBITA, meaning that 2021 on the new guidance should come in above SEK 294m. We forecast SEK 273 (pre today’s report). The new guidance provides a theoretical upside of 8% to our 2021e EBITA.