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SENASTE
Q1 sales were c13% below our forecast, driven by weaker sales growth in Performance Chemical than we expected. On a positive note, the Q1 gross margin was solid (improving 370bp QOQ) and cash flow improved in the quarter. Nexam also obtained an extended overdraft facility to SEK20m, strengthening the financial position further. We have lowered our 2023e sales following the Q1 results, but reiterate our fair value of SEK10–14.
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