Q4 results
Q4 total sales and EBITDA came in 14% and 13% below our estimates, respectively. The deviation is due to a previously optimistic expectation of ours regarding how quickly the company can integrate newly-acquired businesses and generate recurring revenue. In addition, the management team explained during its presentation that it was unable to fully leverage its offering in Qlosr to Education due to a lack of personnel, but that this has now been remedied. We note that the company released ~SEK 10m in net working capital, marking the fifth consecutive release, and that is supportive of the notion that the company should be able to fund parts of its growth thanks to the net working capital profile.
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