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Lime: Decent set of numbers; new financial targets fairly neutral to estimates - SEB

Q4 numbers came in in line on revenues but 24% stronger on EBITA driven by lower net recruitments than expected. New financial targets are set (18% total growth and >25% EBITA margins); which is fairly neutral to estimates and indicates M&A will come. With indications of margins contracting ahead with opex investments, we are likely to make small positive revisions today and expect share to come up in the mid-single digit area at most.

Q4 numbers came in in line on revenues but 24% stronger on EBITA driven by lower net recruitments than expected. New financial targets are set (18% total growth and >25% EBITA margins); which is fairly neutral to estimates and indicates M&A will come. With indications of margins contracting ahead with opex investments, we are likely to make small positive revisions today and expect share to come up in the mid-single digit area at most.
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