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SENASTE
Tempest’s Q4 results were broadly in line with our expectations and showed improvements compared with Q3. Growth remains slightly muted due to the pandemic, but the company has now resumed investments and M&A activities, with a letter of intent signed to acquire two companies in the UK. We make limited changes to our forecasts and reiterate our DCF valuation range of SEK 43-60 per share with a mid-point of SEK 51.
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