Berner Industrier Q4: Adj. EBITA +37% vs. SEB - SEB

Berner Industrier continues to impress with a solid 62% y/y improvement in adj. EBITA to SEK 30m, 37% above our expectations. The book to bill came in at 1.05x, which management states is a good indicator of continued solid development. Additionally, M&A activity seems to remain high. Mechanically, the better-than-expected outcome, combined with the recently-announced acquisition of Typhonix, indicates >10% upgrade to earnings estimates.

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