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AroCell Q3: First quarter with acquired IDL Biotech - Redeye

Redeye has a relatively neutral take on AroCell’s Q3 report, though we make some minor upwards adjustments to sales expectations and overlook our costs assumptions. Specifically, we believe we have had a too harsh take on administrative expenses, a line item that should see positive change following the acquisition of IDL Biotech. The changes to our estimates do not imply a retake to the valuation – our Base Case remains at SEK 3.5 per share.

Redeye has a relatively neutral take on AroCell’s Q3 report, though we make some minor upwards adjustments to sales expectations and overlook our costs assumptions. Specifically, we believe we have had a too harsh take on administrative expenses, a line item that should see positive change following the acquisition of IDL Biotech. The changes to our estimates do not imply a retake to the valuation – our Base Case remains at SEK 3.5 per share.
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