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Redeye comments on Nepa’s Q1-results which saw weaker topline than expected. However, better cost control than expected limited the effect on bottom line. From Q1, Nepa capitalizes much less development costs, which together with the restructuring costs hide the underlying result. Despite a softer topline, the adjusted result was just SEK1.8m below Redeye’s estimates. Ad-hoc sales is still under pressure as clients continue to be hesitant. Redeye expects to maintain its fair value range.
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