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We expect another quarter affected by the prolonged Covid-19 pandemic, leading us to cut our Q4 and 2021-22 estimates. Although near-term operations are set to be still impacted by the pandemic and the 2021 organic growth outlook is muted, the long-term prospects remain positive, with high M&A potential. Following estimate cuts of 4-10% for 2020-22, we lower our fair valuation range to SEK 94-114 (previously SEK 96-117).
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