Ahead of Tempest’s Q1 report, due on 25 May, we revise our 2022-24E EBITDA by 6-9%, accounting for recent M&A and subsequent share issue. For Q1, we expect continued recovery with 21% revenue growth y/y. Extraordinary costs related to M&A, establishment in the US and the group transformation initiative will weigh on earnings, but we still expect slight positive Q1 EBITDA. Our updated mid-point DCF value is SEK 43 (SEK 42).

SEB Research

This research has been commissioned by the company. Only for professional investors resident in EEA member states. Reports may not be distributed to the US or other jurisdictions where to do so would be unlawful. Please see the disclaimer tab for any details of investment banking services recently provided by SEB that could be considered relevant to the subject matter of this research.