Growth came in slightly below expectations, which was largely explained by project deliveries from the legacy business model containing non-recurring revenues. As such, the “Zutec” part of the Group has now largely completed its transitional journey. In terms of estimate revisions, we lower our organic growth assumptions somewhat but see near-term upside from more M&A. Our fair value is SEK 8-10 (SEK 9-11) with a mid-point of SEK 9 (SEK 10).
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