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SENASTE
The Q2 results were broadly in line with our expectations in terms of revenue, but below on EBITDA. This was mainly driven by growth investments and the establishment of new platforms in Denmark and the US, which burdened EBITDA by around SEK 2m in Q2. These investments will support Tempest’s growth agenda and we expect accelerating growth in H2 2021. We reiterate our investment case with a new mid-point DCF value of SEK 47 (49).
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