We expect healthy demand to have continued into Q2/26, which, together with a more balanced cost base than in Q1/26, we estimate should support 9% y/y growth in adjusted EBITA. The balance sheet remains strong and, combined with an active M&A agenda, suggests upside risk to our estimates. The shares trade at a 2026E-27E EV/EBITA of 13-14x compared to an average of 16-17x for core peers. We reiterate our fair value range of SEK 77-95/share.
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