Careium reiterated its guidance for sales, profitability, and FCF to improve in 2025. Aligned with comments of a slower start to 2025, Q1 showed -2% organic growth and EBIT falling -13%. We expect similar trends in Q2 but expect earnings growth to return once the Swedish markets pick up in the latter half of the year. We lower 2025E EBIT by 5% and our new fair value range is SEK 36-44. The shares trade at a 2025E EV/EBITA of 9x.
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