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Redeye’s first take on the Q4 report this morning. Again, there were considerable changes in sales in the different regions during the quarter. Cellavision presented a weaker report on the top line, while costs were just below expectations. Net Sales decreased by 7% and reached SEK187m vs our expected SEK203m with an EBITDA of SEK 61m vs our expected SEK69m with an EBITDA margin of 33%. The lower sales primarily drive the difference, while the gross margin was just a tad higher at 68.9% vs. our 68%. The outcome of the regions again fluctuated a lot in the quarter, with a strong development in APAC at this time, while both EMEA and the Americas were weaker. We will adjust our estimates negatively. Continued volatility in sales development in different geographical areas increases uncertainty. We expect to lower our Base case of SEK 250 per share as a consequence.
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