Q1e: we expect a stable but seasonally weaker quarter
In Q1e, we expect sales of SEK 190m, up 4.7% y-o-y, supported by the strong order intake during '22. We estimate SEK 6.5m (6.2m) in EBITA for a margin of 3.4% (3.4%) and SEK 3.6m (3.2m) in net income, for a margin of 1.9% (1.8%). In recent years, Q1 has tended to be a weaker quarter for the company, and while management has said it is working to reduce the quarterly seasonality, we do not estimate that this work will have had a significant effect yet.