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Tempest: Weak Q4 but a strong year - SEB

Tempest ended 2022 slightly disappointingly with Q4 sales and EBITDA below our expectations, but we believe investors should look at the bigger picture and see the clear improvements Tempest has made. The FY22 EBITDA margin of 5% is the strongest in recent years, which we find impressive given that the company underwent some important structural changes in 2022. We cut our earnings estimates and lower our mid-point equity value to SEK 38 (41).

Tempest ended 2022 slightly disappointingly with Q4 sales and EBITDA below our expectations, but we believe investors should look at the bigger picture and see the clear improvements Tempest has made. The FY22 EBITDA margin of 5% is the strongest in recent years, which we find impressive given that the company underwent some important structural changes in 2022. We cut our earnings estimates and lower our mid-point equity value to SEK 38 (41).
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