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Synthetic MR: On track to deliver on its targets - SEB

After a solid Q2, sales growth in H1 was 31% y/y, suggesting that the intensified partnership with OEMs and direct sales initiatives are starting to bear fruit. As the cost increase continues to be modest, we believe that SyntheticMR is on track to deliver its guidance for 2023. Our DCF-based fair value range remains SEK 28-36 following minor positive estimate revisions.

After a solid Q2, sales growth in H1 was 31% y/y, suggesting that the intensified partnership with OEMs and direct sales initiatives are starting to bear fruit. As the cost increase continues to be modest, we believe that SyntheticMR is on track to deliver its guidance for 2023. Our DCF-based fair value range remains SEK 28-36 following minor positive estimate revisions.
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