Redeye sees no major surprises or deviations in Systemair’s full year report. The fourth quarter showed continued solid organic growth of 13% (around 5% adjusted for price increases). EBIT margins, adjusted for non-recurring items, are inching up to 9%. Order intake was a little softer, but Systemair continues to see good demand and growth opportunities in several markets. We will most likely only make minor adjustments to our forecasts and valuation.

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