Redeye is encouraged by the strong Q1 report, with new ATH in sales and earnings. Robust underlying growth and EBIT margins just a notch under the 10% target indicates that Systemair is on the right track. Market conditions are still turbulent, but the general outlook remains favorable. Our valuation is virtually unchanged. We see an appealing potential from currently share price levels to our Base case fair value around SEK 82 per share.
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