Atea announced yesterday a slower recovery in Denmark and we cut our estimate accordingly, now expecting Q4 EBIT at NOK 340m (350m previous). We make marginal underlying changes, with lower growth in Denmark in FY20 being partly offset by cost cuts from 67 fewer employees. We expect decent results from remaining segments, though Sweden remains an uncertainty given soft reports from Swedish peers. Atea reports Q4 results on February 6.
