Q1 was above our expectations, which showcased high market activity and a return to organic growth, despite the negative impact from BuildData’s transition from a non-recurring to a recurring revenue base. After the numbers, we are increasingly confident the company will reach breakeven EBITDA for FY 21/22 and see renewed M&A activity on the horizon. We reiterate our SEK 9 mid-point and lift our fair-value range to SEK 8-11 (8-10).

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