While G5’s EBIT fell below expectations, we think the report was okay overall. We believe the 7% organic revenue decline was in line with the market. Net profit was 20% above our forecast and consensus, mainly on the revaluation of short-term investments (SEK 10m); adjusted for that, it was 2% below. FCF was SEK 40m (Q1/22: 36.5m), showing that capitalisation affects the P&L but not cash flow. We reiterate our DCF-based mid-point of SEK 270.
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