Analys av Danske Bank efter bokslutskommuniké

Zenicor – Short-term negative effect from sales model transformation

Sales saw a sharp -22% y/y drop in Q4 to SEK4.3m with negative EBIT of SEK‑1,3m, largely explained by the ongoing change in sales model creating a short-term negative sales effect. Otherwise, the main takeaways were (1) reiterated positive growth outlook, (2) a new deal signed with Tiohundra in Sweden supporting the growth story ahead and (3) good underlying cash flow with a cash position recovery, key for sentiment.