We adjust our estimates to account for the weaker-than-expected Q1 results (pre-announced 5 April). In our view, preconditions for strong growth are in place but strong execution and sustained delivery on the company’s high growth ambitions are likely needed in order to re-ignite the equity story following the Q1 setback. Our new DCF-based fair value range stands at SEK 31-40 (previously SEK 41-54) per share.
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