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Redeye is revising its forecasts on the back of a somewhat weaker market outlook and Powercell’s current pipeline. The hydrogen industry is not immune to the overall economy and business projects take longer before signing, according to the company. Q4 showed strong top-line growth of 25% beating our expectations. With very few new orders announced lately, we still need to lower our near-term sales forecasts. Our Base case fair value in now around SEK62 per share (previously: SEK75).
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