Given that Q4 was broadly in line excluding one-off revenue, our estimate revisions are limited overall and our valuation range remains SEK 22-30. Bactiguard is still committed to reach its 2030 sales target (SEK 600m) and again flags that it requires new license deals to reach it. Our 2030 sales forecast (SEK 380m) is based on current business with no new deals. To reignite the equity story, deal flow must improve, in our view.
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