On our estimates, the share is currently trading at 18x ’22e EV/EBIT whilst offering 4-7% dividend yield ’21-’23e. As the company has historically distributed ~100% of EPS as dividends, we derive a fair value range of SEK 137-248 per share by discounting future dividends, assuming a cost of equity of 8-12%. The valuation range is pre-Q2 revisions.