to SEK 113 and 310 (92 & 257). We raise our short and mid-term growth and margin
estimates. Furthermore, Mycronic’s long trend of under-promise and over-deliver leaves us
no other choice than raising our management rating from 4 to 5, leading to a lower required
rate of return of 8% (9%). In relation to the other +150 companies in our universe, this is a
generally low discount rate (as our risk-free interest rate is based on normalized levels),
demonstrating our view of Mycronic as top-quality company.