H1 expected to be soft

By Inderes
Exel published a Q4 report that was softer than our expectations in terms of revenue and EBIT. In connection with the report, Exel issued its guidance for the current year, which is quite well in line with our pre-report expectations. However, in light of comments, H1’23 will be soft, which means the company will have some catching up to do in H2. Based on the guidance and company comments our operational estimate changes were minor.
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