G5's Q4 report looks soft, driven by 5% weaker-than-expected top line which filters through to earnings, accentuated by FX-related revaluations of balance sheet items on opex. While Hidden City grew 8% q/q, Sherlock was down 5% q/q due to "specific events in November", which might prove to be temporary. This was offset in part by improving gross margin. We expect around mid-single-digit negative top-line revisions at first glance.
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