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Redeye is impressed by the continued strong performance in the first quarter of fiscal year 2021/22. Double digit organic growth and improving margins is encouraging, although not a total surprise. Systemair is experiencing good demand across all regions but has recently started having problems sourcing certain components. We expect this to have some negative impact on the growth rate near-term. But it doesn’t change our overall view which is increasingly bright. We will now make some positive adjustments to our forecasts and valuation.
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