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SENASTE
Gofore reported Q4 EBITA margin below our estimate due to low utilisation in December. Also January sales continued to decline y/y (c. -4% day-adj.) and missed our estimate by -3%. The commentary for Q1/25 performance looks cautious and the company expects its capacity not to grow during the quarter, which we read as H1 continuing to show muted market momentum, in line with our expectations.
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