Redeye remains optimistic about OXE Marine following the Q3 report. Admittedly, we expected stronger top-line growth in the quarter. But on a positive note, sales of Parts & Accessories recorded ATH and gross margins beat our estimates. We have lowered our forecasted growth trajectory as well as Opex for the coming years. We still expect a CAGR ~50% in the next few years and EBITDA to reach break-even in 2024. Our valuation is basically unchanged, with a Base case fair value around SEK 2.4 per share.
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