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Greater Than: Sales in line with our estimates but smaller loss than expected - Danske Bank

Greater Than started 2021 with revenue of c.SEK4m, in line with our estimates. With lower opex than we estimated, the operating loss come in much smaller than we expected. The very strong net cash position following raising new cash in early 2021 gives management a lot of room to continue to invest for the future. The underlying industry trends speak in favour of Greater Than.

We make small estimate revisions when it comes to our revenue estimates. We lower our gross margins a little due to the gross margin coming in lower in the Q1 21 period. It is still difficult to assess exactly where the gross margin will harmonise over time. We also lower our opex curve somewhat, which ultimately leads to our EBIT estimates being somewhat revised upwards.

Unchanged valuation range: As we make small revisions, we keep our valuation range intact, which points to a fair value of SEK83-138.
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