Gapwaves clearly reduced losses in Q1 and showed strong growth of 70% y/y with its tier-one supplier customers. This sets it up well for continued progress toward the planned start of production with Valeo, which is the next key trigger in our view. These plans appear to be unimpacted by tariffs or macroeconomic uncertainty. We forecast 40% y/y sales growth in 2025 and tweak our fair equity value range to SEK 21-28 (20-27) per share.
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