Post-Q3 results were largely in line with our (downgraded) expectations and our financial forecasts remain mostly unchanged in absolute terms. We reiterate our DCF-based mid-point equity value of SEK 7.50 per share. We argue our investment case remains intact as over-the-cycle market growth opportunities are not discounted at these share levels. We believe the implicit cost of equity in the current market valuation remains closer to 21.5%.
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