Rekeep - comment

Rekeep posted their Q2 numbers yesterday which, adjusting for the tax credits, showed a modest decline in top line, albeit with improving EBITDA due to higher margins.  The reduction in backlog coverage to 2.2x Revenue is not a wider issue, due to energy prices inflating the denominator (revenue) and the numerator (backlog) accounted for as per historical tender value.  

We will update our model in the coming days post some minor questions to management.