For Q1, we forecast 8% sales growth y/y (+17% FX-adjjusted) and EBIT of SEK -6m (-8m last year). We have not fully extrapolated the good growth in Q4 and would like to see a continuation of the trend to believe in a faster sales recovery ahead. The recent share issue has decreased near-term financial risk, but we still believe the main focus is to improve growth to reach positive FCF. Our estimates are updated for FX and our fair value range is unchanged at SEK 1.5-1.6.

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