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Seamless Distribution Systems Q1: Positive outlook despite slower sales - Redeye

Redeye maintains its positive outlook and makes some minor downward adjustments to near-term sales. The fundamentals remain unchanged, and our Base Case is SEK 72 per share. While sales were a bit lower than forecast, SDS reported its highest EBITDA margin to date (23%). In our opinion, this is a manifestation of the management’s ability to run an efficient business.

Redeye maintains its positive outlook and makes some minor downward adjustments to near-term sales. The fundamentals remain unchanged, and our Base Case is SEK 72 per share. While sales were a bit lower than forecast, SDS reported its highest EBITDA margin to date (23%). In our opinion, this is a manifestation of the management’s ability to run an efficient business.
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