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SyntheticMR: Warming up for 2022 - SEB

While SyntheticMR continues to feel the strain from the pandemic via delays and an inability to install in certain markets, we see good reasons for an improved performance once pandemic headwinds eventually ease. We see plentiful growth levers lined up and think next year will be all about execution. Our DCF-based fair value range is unchanged after limited estimate revisions ahead of the Q4 report.

While SyntheticMR continues to feel the strain from the pandemic via delays and an inability to install in certain markets, we see good reasons for an improved performance once pandemic headwinds eventually ease. We see plentiful growth levers lined up and think next year will be all about execution. Our DCF-based fair value range is unchanged after limited estimate revisions ahead of the Q4 report.
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