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SENASTE
We expect margins to be burdened by elevated personnel costs. We believe demand for security services will be stable and expect organic growth of 9%. The road has been bumpy over the last two years and the way back to “normal” is as always: longer and tougher than expected. We do not doubt growth will return, our concerns are on the cost side with sick-leave and staff shortages being the two main drivers. We maintain our mid-point at SEK 41.
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