Sales development continued to be slow in Q3/25, as APAC saw headwinds, albeit Americas remained in growth territory. The impairment suggests that historical sales cannot be fully relied on as a reference for demand, although we acknowledge cash collection looks better now. Our main concern is the weak sales development, and we believe a return to better growth is needed to reach positive FCF. Our new fair value range is SEK 1.7-1.9 (2.9-3.3).
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