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Tempest Security: Clawing its way back - SEB

We forecast sales of SEK 109m and EBITDA of SEK 3.4m for the quarter, corresponding to 6% y/y organic sales growth and 3.2% (2%) margin. Q1 is a seasonally weaker quarter and staffing shortages from H2 2022 will likely continue to burden profitability. DSS in the US had a strong 2022, delivering a 16% EBITDA margin, and its contribution will likely continue to grow in 2023. We reiterate our DCF-based mid-point of SEK 38.

We forecast sales of SEK 109m and EBITDA of SEK 3.4m for the quarter, corresponding to 6% y/y organic sales growth and 3.2% (2%) margin. Q1 is a seasonally weaker quarter and staffing shortages from H2 2022 will likely continue to burden profitability. DSS in the US had a strong 2022, delivering a 16% EBITDA margin, and its contribution will likely continue to grow in 2023. We reiterate our DCF-based mid-point of SEK 38.
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