Lime’s Q3 was close to our expectations with few signs of a slowdown. Still, we keep our cautious stance on the near-term performance, as we believe Lime and its peers could be hit in an initial phase of a recession. Thus, our estimates are largely unchanged, and we reiterate our SEK 267 mid-point and SEK 251-283 fair value range. The valuation has fallen: Lime currently trades at 2023E EV/EBITA of 21x on our cautious estimates.
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