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Redeye provides an update in relation to RLS’ Q4 2022 report. The report did not include any major surprises in our view; however, we expect quarterly reports to become more interesting as we expect sales to ramp up during 2023. We make some changes in our OPEX assumptions, include a future capital raising, and increase the WACC to 13.5% (12.5%) because of an updated Redeye Rating. The changes result in a new fair value range.
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