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Q4 figures were decent given the challenging operating environment, although both sales and EBITA lagged our estimates. The market outlook for the start of 2021 looks downbeat, which together with a slight earnings miss makes us cut our 2021-22 estimates by 2-5%. The declining revenue trend puts cost control in focus at the start of 2021, but we expect return of growth in late 2021, coupled with potentially improving markets and internal actions.
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