Q3 was slightly softer than expected: sales missed by 2% as Medicaid-related reimbursement friction held back US growth and FX remained a headwind (−2%), while the EBIT beat was flattered by a SEK16m earn-out reversal – underlying margins were broadly flat at ~15%. We trim 2026–28e sales by 1–6% and 2027–28e EBIT by ~6%, lowering our Base Case to SEK95 (103). After the ~12% share-price fall, Dynavox trades at ~18x 2027e EV/EBIT – we believe much of the US concern now seems priced in – and screens as Attractively Priced (Value Score 4) with ~30% upside.
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