Redeye notes that Smart Eye's Q2 was softer than expected, with Automotive missing on what we believe is a lower realised European market share than we previously had assumed, despite organic growth of 128%. Because of Smart Eye's high operating leverage, a roughly 17% cut to our sales estimates translates into an almost 50% cut to EBITDA-CAPEX. We lower our fundamental value to SEK90 (previously SEK120) and combine it with a modest relative valuation weighting for a new Fair Value of SEK88. We remain positive on the long-term growth runway, but acknowledge that our near-term expectations have obviously been too high.
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