We lower sales by 4% and cut EBIT by SEK 4-12m in 2026E-28E. The q/q sales growth in local currencies (4%) was low considering the Q3 dynamics. The CEO said a slowdown in hiring sales team members impacted sales growth in H2/25 and its focus is to restore momentum ahead. We believe the key to the equity story is to ensure q/q momentum returns as it eventually will generate better y/y sales growth. EV/sales of 3.1-2.5x in 2026E-27E, respectively.
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