Besqab's Q2 looks strong to us, with higher-than-expected revenue and margins driving a 36% EBIT beat versus SEBe and a 46% beat versus FactSet. We believe this is driven in part by the consolidation of Wallin from Q2, but far from all of it. We believe a significantly positive share price reaction is warranted. Preliminarily, we expect positive EBIT estimate revisions (a couple of percent), but no significant changes to our long-term margin assumptions.
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