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SENASTE
Redeye’s first comments follow this morning’s Q3 report from Tagmaster. Tagmaster showed substantially lower organic growth in the quarter than we expected. The weaker demand situation during the last year seemed not to have thawed. The total deviation on all levels was considerable with the lower sales. On a more positive note, the cash flow was not as weak as the results indicate. This time, we will likely make more significant negative adjustments due to the deviation in sales and results and the uncertainty of the outlook. We expect to revise our Base case negatively in the 15-20% region.
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