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Seafire: Another challenging year ahead - SEB

Q4 2023 was soft, with the only highlight being the strong cash flow. Management’s cautious comments on 2024, combined with Kenpo losing a key customer, lead to 39% and 30% lower 2024E-25E adj. EBITA estimates, respectively. We lower our mid-point value to SEK 9 per share (14), which we base on 10x 2025E EV/EBITA.

Q4 2023 was soft, with the only highlight being the strong cash flow. Management’s cautious comments on 2024, combined with Kenpo losing a key customer, lead to 39% and 30% lower 2024E-25E adj. EBITA estimates, respectively. We lower our mid-point value to SEK 9 per share (14), which we base on 10x 2025E EV/EBITA.
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