Gapwaves' Q3 net sales of SEK9.0m were 40% below our SEK15.1m and down 56% y/y, although antenna production rose 33% q/q to 1.6m. Gapwaves says Valeo volumes are ahead of plan, though at a lower price per antenna; most units are still HELLA licence volumes that earn a royalty, and the CFO expects more of the announced Valeo project revenue in Q4. Adj. EBITDA was SEK-13.6m against our SEK-10.0m. Gapwaves wrote off Sensrad in full and plans a SEK62.5m rights issue. We cut our 2027 net sales estimate by 32% to SEK111m, mainly in project revenue and new areas, and lower our Base Case from SEK20 to SEK8.7, including the rights issue at the SEK8 floor. Gapwaves screens as fairly valued with a fair value of SEK9.0.
