Maven's Q3 showed early signs that the turnaround is working, but order intake was 6% below our expectations. Sales were 10% ahead and cash flow was positive. Intake came from many more customers, some now placing repeat orders. The orders delayed from Q2 are still open, and several large tenders with new customers in Europe and Asia are under way. We keep our Q4 intake estimate at SEK53.7m but cut 2027e EBIT from SEK5.9m to SEK3.8m. With a higher risk-free rate lifting WACC from 12.6% to 13.0%, Redeye lowers its Base Case from SEK6.0 to SEK5.3. Maven screens as Fairly valued with fair value of SEK5.2.
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