Redeye is encouraged by Nekkar’s financial recovery during the fourth quarter, which posted a 30% beat on top-line and a 5 p.p stronger EBITDA margin compared to our relatively low set expectations. The company continues to post positive underlying development, most notably with Intellilift reaching a breakthrough 11-rig order. We reiterate that the long-term outlook remains favorable while we expect to make mixed near-term estimate adjustments on the subsidiary level, with a downgrade on Syncrolift and an upgrade on Intellilift.
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