Management believes demand has stabilised at a low base and sees some signs of improving market conditions in different end markets. Looking into 2025, we expect improved demand, tight cost control and operating leverage to drive 47% adj. EBITA growth y/y. As a result, we expect leverage to approach reasonable levels during 2025. We reiterate our SEK 9 mid-point value. The shares currently trade at a 2024E-25E EV/EBITA of 8-12x.
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