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SENASTE
The Q4 report was a home run, beating our expectations on every measure of profitability. Net sales were SEK 1.6bn, corresponding to a growth of 74% (14% organic), EBITA was SEK 166m and margin was 10.5%. All regions performed well in the quarter, especially region Middle and region Stockholm (two regions that have underperformed historically), which saw significant margin improvements. We raise our mid-point estimate to SEK 91 (83).
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