Dynavox delivered another impressive report, with sales 8% above our forecast and 3% ahead of consensus, driven by 27% total growth (37% organic). Adjusting for one-offs, the EBIT margin reached 15%, up 4pp y/y, indicating underlying profitability above Dynavox’s long-term target. The report reinforces our positive view on the company’s momentum and warrants estimate and valuation upgrades.
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