Redeye retains its positive view of Transtema. While Q4, as already announced, was weak, we are encouraged by the wide range of initiatives aimed at profitability and by what we interpret as a 100% focus on profitability. Although the balance sheet is stressed, we assume Transtema will not need additional capital. The market’s expectations for Transtema are limited, leaving solid upside potential if it successfully lifts margins.
