Continued high growth and margin expansion in Q2e
We expect Clavister to maintain a high growth pace in Q2, with sales +18% y-o-y, marking a third consecutive quarter with growth around its target of >20%. While deliveries of defence orders are driving part of the growth, we also see a strong development in the underlying firewall and IAM businesses. For example, we see the IAM business (PhenixID) coming out of a transitional year in 2023 with lower growth, potentially delivering >15% sales growth in 2024 with >90% gross margins. In terms of profitability, we forecast an EBITDA margin of 10% for SEK 5m EBITDA in Q2, +38% from SEK 3m last year.
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