Redeye comments on Plejd’s Q3 report, which showed net sales of SEK282.8m, up 31.3% y/y and 5.1% (SEK13.8m) above our estimate, with EBIT of SEK72.1m coming in 23% ahead of our estimates. The beat was driven entirely by Norway, where reported sales were lifted by wholesaler restocking, while installation growth was in line with our expectations and in some markets slightly better. We view the report as good and above our expectations, but not by as much as the headline figures suggest, and we expect only minor revisions to our estimates.

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