Redeye retains its positive view on CombinedX despite a soft underlying Q2 regarding EBITA. Management struck a more optimistic tone for the second half, pointing to a stronger sales pipeline and the completion of restructuring in Enqore and Ninetech, which combined with a SEK11 a share distribution and an attractive valuation makes the case interesting in our view. Our traditional Base Case is cut to SEK50 (55) while our new Fair Value is SEK54 (see details below), making the CombinedX share “Cheap”.
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