As we had anticipated, the Q1 results showed a strong improvement with the EBITA margin expanding +7.7pp y/y, driven by more snow removal activities and recent acquisitions. The Norwegian operations continue to show good progress and we think that further expansion into the neighbouring country will be margin accretive. We see ample room for strong earnings growth in the coming three years and hike our 2021-23E EBITA by 3% after the report.
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