Today, Proact announced preliminary figures for Q4 2019. The Adj. EBITA of SEK 49m was 11% below our forecast of SEK 55m. While we believe a deviation of 11% in EBITA is not major for a somewhat volatile business, the mix with regards to regions is a negative sign for 2020. We cut our 2020 EBITA forecast by 12%. New Base case is SEK 180 (201). Going forward, Proact needs to show that its non-Nordic acquisitions can be profitable in the long-run and that 2018 was more than a positive exception to an otherwise long-term weak performance in the Business Units West and UK

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