Ahead of Q3 20/21 results, we have made minor estimate revisions, mainly on the back of a slightly better Q3 20/21 than we had expected, with a decreasing degree of seasonal variation in the coming years, corresponding to an increase of 1-2% for 20/21-22/23. FX headwinds are still prevalent but have decreased somewhat, giving some support. Our fair value share price range of SEK 6.6-8.6 with a mid-point of SEK 7.6 is reiterated.
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