Accelerating growth on the cards
Q4 results were in line with what was pre-announced on 9 January, i.e. sales of SEK 48m and EBITDA of SEK 6m, which was also in line with our expectations ahead of the pre-announcement. Sales growth accelerated to 22% in the quarter (in line with management's target of 20% annual sales growth) compared with 9% in Q3 and 13% for full-year 2023. With ARR at SEK 120m, up 14% y-o-y, we expect to see good underlying growth in the firewall and IAM business in 2024 as well, coupled with the ramp-up of defence deliveries. Another highlight from the report was management's positive wording around the potential for a return to growth for the telecom business in 2024, which could add additional upside to growth estimates.
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