Redeye updates on Argo Defence Group post Q3 results, where sales came in below expectations due to delivery timing, while EBITDA came in above our forecast on the back of a more favourable delivery mix. Contract activity has also picked up towards the end of the quarter and into Q4, including a SEK68m framework award from FMV and pilot orders for Poseidon from the U.S. Navy and NATO special forces. On the back of the report, we slightly trim our estimates, while our view on the company remains unchanged. Our updated fair value amounts to SEK24 (26), with Argo screening as “Cheap”.
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