Q4e revenues of DKK 341m, EBIT of DKK 19m
We forecast Q4 group revenues of DKK 341m, flat y-o-y if we exclude SDR. We expect EBIT of DKK 19m in the seasonally-strong Q4, although translating to a margin of just 6%, down 10pp y-o-y (owing mostly to the margin-dilutive SDR). We estimate an unrealised loss of DKK 23m on the investment portfolio in Q4, with gains in NVIDIA and APPL more than offset by a loss in NOVO.