Tagmaster reported slightly lower sales in the second quarter than we expected. This was however mitigated by strong gross margins resulting in earnings basically in line with our forecasts. Despite muted top-line volumes EBITDA margins reached 16% in the quarter. Overall, market conditions remain hesitant but there are pockets of growth opportunities, e.g. within parking and access solutions. We raise our fundamental Base case to SEK38 (SEK35) while our new Fair Value is SEK42 per share (see details below).
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