Ependion’s Q4 report was a bit weaker than we hoped for on sales and earnings. This is partly due to a significant currency headwind and higher amortizations. On a positive note, orders received were up by 12% Y/Y (4% adjusted for acquisitions and Fx effects). Also, Q4 cash flows were solid, and the Board proposed a higher dividend of SEK1.5 (SEK1.25) per share.
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