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SENASTE
Gapwaves posted 63% y/y sales growth in Q2 and achieved start of production with Smartmicro, which we view as further confirmation that it is progressing well with its development projects with its customers. Gapwaves remains well funded, given cash of SEK 67m, which we think can be further bolstered by additional potential agreements with tier one suppliers. We raise our fair value range to SEK 26-35 (25-34) with a midpoint of SEK 30.5.
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