Q1 expectations
For Q1, we expect sales to be down 2% y-o-y, but orders to grow by 10%, as we believe the order trend shift seen in Q4 will continue throughout this year. While we do not think this will be quite enough to drive y-o-y sales growth in Q1, we expect it to start in Q2. We forecast an adj. EBITA margin of 6.3% (6.5%) in Q1, making it the weakest quarter of the year in our estimates, but note that the margin can be quite volatile between quarters.
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