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We expect a decent Q1 2023 report on 12 May with fairly stable developments in all segments; we forecast group sales of SEK 183m, up 22% (-1 pp organic growth). While we envisage a continued margin recovery in Business Services, we expect the long winter to have had a small negative impact on Industry. Despite the higher spread on the newly secured bond, the smaller cash position will likely lead to lower interest expenses overall than we had anticipated. We lower EBITA by 1% for 2023E-25E and adjust our fair value range to SEK 34-70 (36-74), implying a 2023E EV/EBITA of ~7-10x. Marketing material commissioned by Stockwik Forvaltning.
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