We make only minor adjustments to our estimates, as the outlook for the company remains largely unchanged. We expect the company will finish the year with break-even EBIT, and continue improving its profitability from there by leveraging its spare production capacity and volume growth over the remaining estimate period. We feel more comfortable with the liquidity situation following the WC-intensive Q1, but the margin for error is still quite slim.
2.7-2.4x EV/Sales vs. peers at 3.2-1.9x
The share is up 16% L3M (vs. peers -11%, Swedish small cap +5%), and is currently trading at 2.7-2.4x '24e-'26e EV/Sales, vs. the peer median of 3.2-1.9x. We reiterate our fair value range of SEK 2.0-4.0.
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