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Redeye was hoping for a bit more, particularly in terms of top-line. Market demand has been depressed and is expected to remain sluggish going into 2024. Considering the drop in sales volumes (-19% Fx adjusted), Bong continues to manage the situation well. EBITDA of SEK28m is in line with our estimate and the 6% margin on par with H1’23. Furthermore, cash flow in Q3 was surprisingly robust: SEK22m after investments. We will likely lower our near-term forecasts leading to somewhat lower valuation.
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