G5 reported Q4 sales and EBIT in line with consensus and no major surprises. The mobile market was soft in Q4 and organic growth was -7% y/y, but G5 reports strong trading in January. We believe Q4 is a good indicator of what to expect: we lower our assumptions on growth and increase them for costs, resulting in an 18% cut to our 2023 EBIT estimate. We lower our mid-point valuation to SEK 280 (296).
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