Q4 sales are weaker-than-expected: at SEK 318m (SEBE: SEK 324m) this implies a y/y decline of 26%. LBITA is reported at SEK 176m, including an inventory write-down of SEK 186m that was separately announced two days ago. Adjusting for this write-down, underlying EBITA came in at SEK 10m which compares to our SEK -3m estimate. Importantly, covenants has been renegotiated for FY 2023 and OCF also surprised versus our forecasts. Our SEK 6.50 mid-point is under review.
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