Based on revised earnings, we argue Q3 2022 should mark the inflection point in terms of organic growth following several years of falling organic sales, as well as strategic decisions to wind down several of its business units. 12-month trailing EBIT margins (ex. PPA) at its two main business areas (contributing two thirds of group revenue) are already between 7% and 12% (group target is 10%). We reiterate our mid-point valuation of SEK 35.
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