Q4 was largely in line with our expectations, albeit costs came in marginally higher than we had anticipated. In our view, the outlook for 2022 is well-rehearsed and we have accordingly tweaked our margin assumptions, now expecting 26.4% adj. EBITA margin in 2022, although we think there could be positive surprises in H2 2022. Near-term risk on employee churn is limited, we believe. We reiterate our mid-point fair value of SEK 330.
LÄS MER