Momentum improved meaningfully in Q2/26 with a better balance between sales and operational costs, while management highlighted a clear improvement in order intake towards the end of the quarter despite a soft reported book-to-bill. The shares trade at a 2026E-27E EV/EBITA of 13-15x compared to an average of 16-18x for core peers. We reiterate our fair value range of SEK 77-95 per share.
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