We believe Gapwaves is progressing well commercially, even as macro uncertainty blurs the outlook, as the partnership with Chinese tier 1 Desay SV further solidifies our view that the discontinued agreement with Bosch was not part of a trend. We also note Gapwaves’ partner Valeo’s recent agreement with Volkswagen, which could result in an expanded agreement for Gapwaves. We tweak our fair value range to SEK 20-27 (22-29).
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