MTG reported Q4 15 sales up 4% and flat on an organic basis, with recurring EBIT at SEK434m, down 9%, mainly impacted by M&A costs and adverse currency effects (the latter alone hurting by SEK80m). Q4 net EPS was down 0.7% to SEK5.30. For the full-year, consolidated revenues amounted to SEK16,218m, up 1% organically from FY14 and 2% above our expectations, while recurring EBIT reached SEK1,268m reflecting a margin of 7.8%, down 40bps from the previous year and higher than we had expected ....