Redeye revises its estimates for Smart Eye following interesting industry developments. Despite downward adjustments to our automotive revenue assumptions in 2025, our forecasts for 2026 and 2027 are held roughly intact, reflecting a maintained positive view of the investment case. With strong momentum expected in its automotive business, fueled by more car models entering and ramping up production, and a steady recovery in Behavioral Research, we expect Smart Eye to reach EBITDA break-even in Q2, with a vastly positive EBITDA in Q3. We make minor downward adjustments to our fair value range and Base Case.
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