Redeye remains confident on the case although Q2 numbers were a bit below our estimates. However, the business pipeline has never been stronger. And the new sourcing agreement with Bosch will support Powercell’s continued expansion in the coming years. The growth trajectory is still very difficult to predict, but we appreciate that the company’s customer base is getting wider and deliveries more repetitive. We have lowered our near-term forecasts and expect break-even to be pushed into 2025. Our Base case fair value is now around SEK108 per share.
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