Redeye notes that Smart Eye’s Q3 was very in-line with our expectations, with only a minor deviation on sales and a slight beat on EBITDA-CAPEX. Automotive reported a 61% organic growth and license revenues grew faster than 150%. Behavioral Research also performed well, with an 18% organic growth and underlying OPEX was better than expected. Q4 is guided to be stronger driven by higher license revenue and seasonal strength in Behavioral Research. With execution tracking our estimates and liquidity strengthened through additional credit facilities, we expect only minor estimate revisions and judge the share price reaction to be positive.
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