Image Systems Q4’21: First impression - Redeye

Redeye is encouraged to see another quarter of solid improvement. Again, RemaSawco surprised us with EBITDA margin of 21% in Q4, a new ATH. Also, order booking picked up and market conditions seem to be improving gradually. RemaSawco has just started a process of focusing its product portfolio aiming at fewer but more high-end products, in order to enable expansion and better leverage. This may have some near-term impact on our forecasts. But overall, we believe the company is on the right track and expect to see continued growth and improving profitability in the coming years.

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