Redeye notes that Q3 came in softer than anticipated, primarily due to weaker-than-expected sales in Behavioral Research, while Automotive sales were in line with estimates. License revenues are confirmed to have a strong ramp-up ahead, supported by a 12% q/q increase in car models in production, with further growth expected. While the quarter was impacted by a build-up in net working capital, the new SEK150m credit facility provides sufficient headroom ahead of cash flow break-even, anticipated in mid to late 2025. Redeye expects to slightly lower its Behavioral Research estimates but make no significant changes within Automotive, leading to a slight downward adjustment to its fair value range.
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