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Lime: On the right track - SEB

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.

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.
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