Internal efforts helped Q1 adj. EBITA remain flat y/y despite a shrinking top-line. For 2025, we expect: 1) increasing earnings supported by stable sales and a reduced cost base; and 2) decreasing leverage due to improved earnings and further NWC releases. We reiterate our fair value range of SEK 8-11. The shares trade at a 2025E EV/EBITA of 8x (9x including tax deferral).
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