We make minor revisions to our long-term estimates for Bactiguard after the Q4 results and reiterate our mid-point DCF of SEK 119 per share. Although the pace needs to rise if our estimates are to be reached, Bactiguard returned to growth in 2022 (net sales up 16% in constant exchange rates, CER). We think the prospects for operating leverage are strong, with better momentum in BIP and with licence partners, and with opex increases set to diminish.
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