Based on decreased sales and earnings forecasts (changes to KPIs, wage inflation assumptions), we lower our mid-point equity value to SEK 30 (35). From that base, we argue our investment case remains intact and we reiterate our estimates for organic growth from Q3 this year (report due 28 October). Adding cost management and leverage on sales growth, we also expect a marked rebound in margins over our forecast period to 2024.
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