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In its Q4 2023 report, management provided cautious comments on 2024, while highlighting difficult comps during Q1 2024. Consequently, we expect that the soft performance of Q4 2023 persisted into Q1 2024, with organic sales growth of -13% y/y and an adj. EBITA margin of 2.1% (9.1%). During 2024, we expect Seafire to focus on adjusting its cost base to lower volumes while continue to improve cash flows to reduce its leverage.
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