The Q1 report clearly exceeded our expectations, based on better profitability, with an EBITA margin of 6.9% (up from 2.2% in Q1 2021). While the company has now surpassed its 8% margin target on a LTM basis, we think there is more to come, given further potential efficiency gains and margin accretive acquisitions. We increase 2022E-24E EBITA by 6-7% and lift our mid-point DCF value to SEK 107 (105) per share.
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