A report that confirms the ongoing recovery. The stock has underperformed the small cap index (-1% L1M, vs. the CSXE at +4%) into numbers and is trading at 22-18x EV/EBIT ‘22e-‘23e. Although the report and FY’21 guidance was below our assumptions, we believe that the outlook into 2022 will be seen as positive and support a positive reaction for the share. There is a conference call at 09:30 CET, dial-in: SE +46 8 505 583 74, UK +44 333 300 92 63.
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