We leave our organic sales assumptions unchanged after Q1 but lift our EBIT estimates for 2025-27. Q1 was a confirmatory quarter to us, in which Catalyst continued to lift penetration (it grew ~8% q/q in the quarter) and operating leverage showed through the P&L (adj. EBIT LTM at SEK -43m Q1/25, vs. SEK -97m Q4/22). The shares trades at 4-6x EV/Sales 2025E-27E. Our fair valuation range stands at 10-18 per share.
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