Q1 was on the weak side, with deviations vs our estimates mainly due to lower volumes and issues affecting the gross margin. However, these issues are now largely resolved and GomSpace reiterated its 2021 revenue guidance range, which coupled with a follow-up order from UnseenLabs means we have made only small revisions. On the back of slightly higher peer multiples, we raise our valuation range to SEK17-27 from SEK15-27.
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