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Redeye updates its view on Energy Save (ES) post its Q1 2023/24 report. The report was soft and showed weaker sales and EBIT than expected. However, ES announced a licensing agreement with Aira over four years, expected to yield sales of SEK200m-400m in the coming two years. Following the weaker report and somewhat higher uncertainty regarding the market outlook in the short term, we lower our estimates and valuation.
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