Redeye is making some positive adjustments to our forecasts and valuation following a stronger than expected Q2 report. Overall, market conditions remain sluggish, but Tagmaster is still able to report EBITDA margins of 14% (17% adjusted for one-offs). With a well contained cost base and high gross margins, we see good resilience and potential for significant leverage when market demand picks up.

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This is a press release from Redeye - Research Powered Investment Banking. www.redeye.se/