Redeye provides an initial comment on the Q1 2025 report from Serstech. The report was mostly in line with forecasts, with sales clocking in at SEK19.9m against our estimates of SEK20.0m, a c-0.5% deviation. Costs were slightly elevated against our expectations, partly due to one-offs from the shutdown of the Romanian subsidiary and the relocation of staff to Sweden. As a result, net income came in at SEK-1.3m, against our estimate of positive SEK1.3m. The company also provided some information on the potential impacts from US tariffs. We expect to mostly maintain our fair value range on the back of the report, although with a slight negative revision to our Base Case.
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