Seafire’s earnings momentum is set to moderate temporarily in Q3/26E, reflecting challenging comparables at Nordbutiker and seasonality at Splendor Plant. We cut 2026E adjusted EBITA by 4%, while leaving 2027-28 estimates unchanged. With the shares trading at 8x 2027E EV/EBITA and offering a 7-11% FCF yield, we maintain our SEK 8-14 fair value range.
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