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Image Systems Q4’21: First impression - Redeye

Redeye is encouraged to see another quarter of solid improvement. Again, RemaSawco surprised us with EBITDA margin of 21% in Q4, a new ATH. Also, order booking picked up and market conditions seem to be improving gradually. RemaSawco has just started a process of focusing its product portfolio aiming at fewer but more high-end products, in order to enable expansion and better leverage. This may have some near-term impact on our forecasts. But overall, we believe the company is on the right track and expect to see continued growth and improving profitability in the coming years.

Redeye is encouraged to see another quarter of solid improvement. Again, RemaSawco surprised us with EBITDA margin of 21% in Q4, a new ATH. Also, order booking picked up and market conditions seem to be improving gradually. RemaSawco has just started a process of focusing its product portfolio aiming at fewer but more high-end products, in order to enable expansion and better leverage. This may have some near-term impact on our forecasts. But overall, we believe the company is on the right track and expect to see continued growth and improving profitability in the coming years.
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