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SENASTE
Q4 results are in line with our forecasts, despite lower-than-expected growth in GMV. To us, it highlights significant execution in terms of cost management, as guided for. Importantly, GP after marketing (GPAM) of SEK 71m in the period is 18% ahead of our estimate, suggesting improving efficiencies and implying a margin of 11.3% of GMV (SEBe: 8.9%). We are likely to keep our forecasts broadly unchanged and we reiterate our SEK 315 mid-point value per share.
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