Waystream delivered a strong Q4 with 60% y/y sales growth and a return to positive EBITDA, driven primarily by market share gains rather than broader market recovery. Gross margin remained solid at 49%, and cash flow improved materially, strengthening the balance sheet ahead of 2026. While visibility remains limited due to customer investment timing and quarterly order volatility, traction with operators such as Bahnhof and continued deliveries to Telia entities support our view that Waystream is gradually strengthening its competitive position. Regulatory tailwinds in Europe, including stricter cybersecurity requirements and reduced acceptance of Chinese vendors, could further benefit the company in upcoming replacement cycles. We lower near-term estimates on tougher comparables but maintain a constructive long-term view, supported by operating leverage, product expansion and structural fibre demand. Our updated fair value range is SEK14–84 (base case SEK41), reflecting continued execution progress but ongoing market cyclicality.
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