NDA delivered a solid report in Q4 as we saw improvement on both the revenue and cost trends. Though the improvements are incremental and so far small, it helps to de-risk the turnaround case in our view. Our estimates for 2020/2021 come up 3% in this report and with the solid balance sheet we also think shareholder distributions could increase which adds support to the share. We reiterate Buy and lift our target price to SEK 90 (82).
