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Cellavision Q3’22: Large deviation in a challenging quarter - Redeye

Redeyes view on the Q3 report. The report was weak, in our opinion, even considering the challenges in the market and the typical seasonal fluctuation. Up to this point, the development in 2022 has been solid. Considering the deviation from our expectations, we have adjusted our short-term estimates for the rest of the current year and 2023e. We increase our WACC due to an increased interest rate as well. With these changes, we decrease our Base case to SEK 310 (370) and fair value range to SEK 200 – 470 (230 – 520) per share.

Redeyes view on the Q3 report. The report was weak, in our opinion, even considering the challenges in the market and the typical seasonal fluctuation. Up to this point, the development in 2022 has been solid. Considering the deviation from our expectations, we have adjusted our short-term estimates for the rest of the current year and 2023e. We increase our WACC due to an increased interest rate as well. With these changes, we decrease our Base case to SEK 310 (370) and fair value range to SEK 200 – 470 (230 – 520) per share.
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