The UK and Germany signal uncertainty after management communicated in mid-December that it will not meet its financial guidance of higher sales, profitability and free cash flow in 2025 vs 2024 due to longer sales cycles. If this is a short-term headwind or the beginning of a structural trend with softer demand and tougher competition remains to be seen. We lower our DCF-based fair value range to SEK 26-33 (27-34).
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