The solid Q2 results were in line with our expectations.
For H2 2019/20, operationally the Covid-19 challenge has been well managed so far, with Atvexa’s financial model intact. With already three bolt-on acquisitions completed so far in Q3, the industrial roll-out case 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 widened our fair value range to SEK67–100/share (SEK70–96).
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