Tempest reported Q4 sales of SEK 77.6m (vs SEB 74.1m) and sales growth of -7% y/y. Adj. EBITDA was SEK 2.1m (vs SEB 1.8m) for an adj. EBITDA margin of 2.7%. Net sales continues to be burdened by the pandemic, but the company is ramping-up investments and seems off to a good start in Denmark (established in January). M&A has also been resumed with intention to acquire two UK companies. The result implies limited changes to our earnings estimates and investment case.
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