We expect Q1 sales to decline by 1.0% YOY as solid growth in the core Nordic operations and the easing of pandemic-related headwinds since February are more than offset by headwinds from the B2B operations, Covid restrictions weighing on sales for half of the quarter, and weaker consumer sentiment. We forecast an EBIT margin of -5.6%, driven by the above-mentioned sales headwinds as well as Q1 being a seasonally weaker quarter. We reiterate our fair value of SEK35–45/share.
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