InfraCom's Q3 report showed net sales of SEK204.6m, 5% above our SEK194m and up 4% y/y, with Communications and Managed Services up 9% and Document & Visual Solutions down 26%. EBITA of SEK15.5m was 26% (SEK5.4m) below our SEK20.9m, for a margin of 7.6% (12.8%) against the 12–15% target. Opex was in line; the miss sits in the gross margin, which fell to 45% (51%) on more hardware in the mix, price pressure, lost customers and higher direct costs. With the margin falling most in the two core segments, which mainly sell cloud services, we think the business is getting harder to read. We expect to cut our estimates on the margin miss, and we expect a negative share reaction of more than 10% today as investors become impatient about when InfraCom's restructurings will bear fruit.
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