Q4 revenue was already pre-announced and was 48% above our initial estimate. A thorough cost-cutting programme in recent years and some favourable items reducing costs in Q4 helped EBIT turn positive for the first time in some years. GomSpace guides for 8-21% revenue growth in 2021 and we believe the upper-end is more likely. On the back of higher peer multiples, we raise our valuation range from SEK9-27 to SEK15-27.
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