Redeye is making some downward revisions to our forecasts following Systemair’s Q3 report. Major markets in Europe appear to be slow while demand is still buoyant in other regions. On the bright side, cash flow was again very strong: SEK380m after investments. Systemair has reduced its net debt by more than SEK1 billion in the last year, providing plenty of dry powder for future M&A.

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Systemair - Muted growth but solid cash generation

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