* Q3: EBITDA of SEK 13m and a margin of 25% * We cut EBITDA by 5-2% for '26e-'27e * Currently trading at 37x EV/EBITDA Cost control and improving cross sales Clavister reported sales of SEK 50m, corresponding to 15% y-o-y growth (17% organic, -1% FX), in line with the pre-announced figures. Growth was mainly driven by previously won defence orders, where sales increased by ~100% y-o-y this quarter, representing ~25% of total sales. Sales growth in the civilian business was held back somewhat by timing effects, but ARR increased 9%, demonstrating a solid underlying trend and steady demand. EBITDA amounted to SEK 13m, corresponding to a 25% margin – the highest to date – supported by firm cost control and stronger cross sales efforts. Postponed projects to set in 2026 We cut sales by 2-1% for '26e-'27e, mainly reflecting delayed orders. We expect Q4 organic growth of ~10%, driven by postponed deliveries. We also cut EBITDA by 5-2% for the same period, with EBITDA now expected at SEK 69-94m, representing margins of ~25-30%. Q3 was seasonally softer and affected by distributors postponing purchasing decisions, which we expect to be realised during H1'26e. We see this as a timing issue rather than a structural slowdown, and expect momentum to normalise as deliveries ramp up. Improving fundamentals Clavister is now trading at 20-15x EV/EBITDA for '26e-'27e on our revised estimates. We believe the company is well-positioned to reach positive EBIT on the full year in 2026, supported by cost efficiencies and operating leverage.
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