Redeye is still optimistic on the case as the Q3 report is showing strong growth across the board. Systemair’s exposure to Russia is obviously a drawback, but to some extent balanced by a truly global footprint. We have lowered our forecasts on the back of high uncertainty regarding operations in Russia and the prevailing situation with sourcing problems and rising input prices. Our new Base case fair value is around SEK 86 per share (previously: SEK 95).
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