We expect revenue to increase by 33% y/y in Q1, due to a strong order intake in 2022, but for cost inflation to still burden profit. Our Q1 adj. EBITDA loss estimate is EUR 0.1m. Also, ERP implementation and a ramp up in offshore business increase costs in 2023E-24E. However, we still see significant long-term upside potential as the wind power pipeline starts to generate more significant EBITDA after 2025. We retain our fair value range of EUR 8-13.
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