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Tempest Security: Margins recovering strongly - SEB

We increase 2022E-24E EBITDA by 3-10% following better-than-expected margins in Q2. Overall, we continue to see a favourable outlook for the year, with growth accelerating through a combination of organic growth and an increased M&A focus, while margins should also continue to improve throughout the remainder of 2022. We increase our DCF-based fair value range to SEK 37-51 (36-50) with a mid-point of SEK 44 (43) per share.

We increase 2022E-24E EBITDA by 3-10% following better-than-expected margins in Q2. Overall, we continue to see a favourable outlook for the year, with growth accelerating through a combination of organic growth and an increased M&A focus, while margins should also continue to improve throughout the remainder of 2022. We increase our DCF-based fair value range to SEK 37-51 (36-50) with a mid-point of SEK 44 (43) per share.
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