Q3 confirmed that Physitrack is back to growth: q3 revenue rose 14% YoY (11% at constant currency), the fastest pace since 2023, driven by pricing in Lifecare, while the adjusted EBITDA margin fell to 31% as planned on US and product investments. With EMR, RTM and Educational Modules launched in the same quarter, Physitrack is moving from a home exercise add-on to a platform that runs the clinic. We make limited estimate changes maintain our Base Case (DCF) at SEK20, and our Fair Value is stable at SEK19.5, weighted 75% on our Base Case and 25% on our relative valuation. At SEK12.40, this implies c.57% upside, and the stock screens as Cheap.
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