At SEB's Nordic Seminar, board chairman Andrew Spry made a convincing presentation of Tempest Security, reiterating its 2025 target of reaching SEK 1bn in sales. Given the expected mix and contribution from selected M&A, focusing on higher margin segments, this should translate into an EBITDA margin of about 10% (9M/22: 6.5%). Here, we reckon the US market will represent an increasingly important contribution. We reiterate our SEK 41 mid-point equity value.
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