InCoax delivered a better-than-expected Q2, with sales and EBITDA ahead of our estimates, supported by a strong gross margin and a lower cost base. Operationally, the company continues to progress across Nokia, the Tier-1 operator and other customer tracks, but the broader volume ramp is taking longer to materialise. We therefore push our expected commercial ramp out by one quarter, resulting in lower sales and EBITDA estimates, while lowering our base-case fair value to SEK1.3 (1.5) per share.
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