Footway reported Q4 growth below our expectations, burdened by volatile demand and supply chain issues amid the proliferating Covid pandemic. We reckon these factors also will affect Q1, and we cut our 2022E-24E sales estimates by 7-10%. Based on trailing sales, this implies decelerating y-o-y growth until Q3 this year. The proposed rights issue clearly addresses the balance sheet issue. We set our revised midpoint value at SEK 26 (SEK 30).
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