Inderes Group - Jan-Feb sales broadly in line with our Q1 expectation - SEB

Inderes' sales in Jan-Feb showed growth of 52%. We remind that growth is driven by the Swedish acquisitions, of which seasonality is driven by earnings seasons. We have input Q1 growth of 40%; following the published Jan-Feb numbers, our estimate implies March sales of EUR 2.0m vs EUR 1.5m a year ago (growth of 29%). Thus, we conclude that the reported Jan-Feb came in broadly in line with our Q1 estimate and, if anything, risks are skewed to the upside.