While Norway and Rest of Europe is performing solidly, both in terms of sales growth and profitability, Sweden came in short of our expectations in Q4. This should not be repeated, we argue, as extensive measures have been put in place. We forecast gradual improvements throughout 2025. Cash flow was also solid in the quarter, enabling another active M&A year. We derive a new mid-point DCF value of SEK 90 per share (previously SEK 96).
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