Redeye was quite surprised by the strong growth in Q4, almost 10% organically. Earnings were impacted by some non-recurring costs, but reported EBIT of SEK251m was still higher than we expected. Adjusted EBIT and margins were clearly above our forecasts. Systemair’s outlook remains “favourable” and the balance sheet is stronger than ever, leaving room for more sizeable strategic acquisitions. Redeye will likely make some positive adjustments to our forecasts and valuation.
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