Redeye lowers the estimates slightly in the light of a continued challenging market. We do like that the company has pricing power in this new inflationary market and can raise the gross margins as a consequence. We adjust our fair value range to SEK 18-48 (20-50) per share and SEK 34 (36) per share for the base case. The long-term values are still there, and the company is well placed for the smart city trend in the coming years.
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