The solid Q3 results were above our expectations with the company creating reserves to potentially refund the state for unutilised Covid-19 contributions. With 10 bolt-on acquisitions completed YTD, the industrial roll-out story is evolving, even in the current turbulent environment. We expect Atvexa to remain an active consolidator given its decentralised, asset-light business model with strong FCF generation, and we have raised our fair value range to SEK72–104/share.
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