Green’s Q4 was OK in our view, with positives and negatives. On the positive side, all regions performed well in terms of EBITA margin, with Finland and the rest of the EU strong again with EBITA margin of 25%. The negative was the underlying EBITA development, with organic EBITA down 22% y/y with an organic growth of -6% (SEBe was -4%). This was not a dramatic event in our view. We cut our mid-point equity value slightly to SEK 84 (87) per share.
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