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SyntheticMR: Momentum continues - SEB

We expect momentum to continue in Q4 and forecast 27% organic growth, supported by positive comments from the MR OEMs. SyntheticMR stands well positioned for the coming years with its strong OEM relationships and recent traction on direct sales initiatives. We forecast an organic CAGR of 34% for 2023-24, with the EBIT margin expanding to 39%. On somewhat higher near-term opex, our new DCF-based fair value range is SEK 31-40.

We expect momentum to continue in Q4 and forecast 27% organic growth, supported by positive comments from the MR OEMs. SyntheticMR stands well positioned for the coming years with its strong OEM relationships and recent traction on direct sales initiatives. We forecast an organic CAGR of 34% for 2023-24, with the EBIT margin expanding to 39%. On somewhat higher near-term opex, our new DCF-based fair value range is SEK 31-40.
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