Potential to improve in 2024

'24e-'25e EBITDA cut by 36-19%. Continued hardware sales to dilute margins. '24e EV/EBITA ~9x.

Q4'23: miss on sales and earnings

Path ahead is not frictionless

We cut '23e-'25e adj. EBITDA by 15-2%. Public sector weakness a drag on performance. '24e EV/EBITA 4x.

Back-end-loaded 2023

'23e-'25e revenue cut by 3%. '23e adj EBITA cut by 3%, '24e-'25e raised by 1%. NTM EV/EBITA ~5x.

Set up for seasonally strong Q4

The fun begins in H2'23e

'23 guidance: at least SEK 600m revenue with 7% EBITDA margin. We cut '23e-'25e EBITDA by 20-7%. NTM EV/EBITA ~10x.

Delivers on growth as costs increase

Setting up for earnings and cash flow in H2

We cut '23e-'25e EBITDA by 5-1%. Expect some additional implementation costs in Q2. '23e-'24e EV/EBITA 8-5x.

Impressive ACV growth bodes well for '23e

2022 goal achieved, on to the next one

We cut '23e-'24e EBITDA by 3-6%. Financial targets still achievable. Positive outcomes in public and private tenders.