Redeye provides its initial take on Lifco’s Q4 2023 report, which came in slightly below our estimates. We judge that positives from the report include the company defending its margins in a challenging economic environment. Further, organic EBITA growth amounted to c6% in 2023, exceeding organic net sales growth of c0% for the year. Notable negatives include continued weakness in Demolition & Tools and parts of Systems Solutions. We expect to only make minor changes to our estimates and valuation following the report.
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