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SyntheticMR: Short-term pain - SEB

We update our estimates following the preliminary Q2 results, lowering 2024E-25E sales by 20-25%. Our DCF-based fair value range falls to 15-18. We find the near-term picture opaque, with uncertainties over when US the business will recover, and over the cash position. We now forecast growth of 3% in H2 and 20% 2025 (from a lower base). A successful launch of SyMRI 3D could support faster growth, in our view.

We update our estimates following the preliminary Q2 results, lowering 2024E-25E sales by 20-25%. Our DCF-based fair value range falls to 15-18. We find the near-term picture opaque, with uncertainties over when US the business will recover, and over the cash position. We now forecast growth of 3% in H2 and 20% 2025 (from a lower base). A successful launch of SyMRI 3D could support faster growth, in our view.
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