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Virtually a milestone - SEB

As the design win with Sony has finally materialised, we increase our estimates (it was only partly reflected in our estimates). Given uncertainty about the upfront payment’s impact on future revenue, we remain conservative and avoid expecting too much too soon. We lower our expectations for Products & Solutions (75% of 2021 revenue; unrelated to PSVR2). Our new DCF-derived mid-point value is SEK 47 (42).

As the design win with Sony has finally materialised, we increase our estimates (it was only partly reflected in our estimates). Given uncertainty about the upfront payment’s impact on future revenue, we remain conservative and avoid expecting too much too soon. We lower our expectations for Products & Solutions (75% of 2021 revenue; unrelated to PSVR2). Our new DCF-derived mid-point value is SEK 47 (42).
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