Redeye initiates coverage of 4C Group, a Swedish defence software company specialising in military exercise management and readiness. The company serves over 30 NATO defence forces, underpinned by NATO Secret Level accreditation and a de facto monopoly niche position. While the share price has been weighed down by balance sheet concerns and flat revenues during a period of strategic over-investment in the Resilience segment that is now in harvesting mode, we view the outlook as more favourable, supported by a record order book.
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