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Tempest Security: Positive outlook for 2022 - SEB

We make minor adjustments to our 2022-24E EBITDA following the Q1 report. Overall, we continue to see a favourable outlook for the year with accelerating growth through a combination of organic growth and increased M&A focus, while margins should also gradually improve throughout 2022, particularly during H2. We reiterate our DCF-based value range of SEK 36-50 with a mid-point of SEK 43 per share.

We make minor adjustments to our 2022-24E EBITDA following the Q1 report. Overall, we continue to see a favourable outlook for the year with accelerating growth through a combination of organic growth and increased M&A focus, while margins should also gradually improve throughout 2022, particularly during H2. We reiterate our DCF-based value range of SEK 36-50 with a mid-point of SEK 43 per share.
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