Gapwaves reported 161% y/y sales growth in Q3, continuing the strong trend from Q1 and Q2. We think Gapwaves is showing solid progress on its commercialisation journey, with the pilot line due to be completed in Q4, good traction in customer discussions, and a confirmed start of production with both Hella and Smartmicro. We make small positive revisions after Q3 and re-iterate our fair value range of SEK 27-36, with a mid-point value of SEK 31.5.
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