Although we will likely lower our SEK117 base case, we view the 25% share price drop to SEK31.70 as a clear overreaction. Despite some valid investor anxiety over third-party software risks, we believe the market is unrealistically pricing in the death of Symetri more or less, as the Process and PLM divisions alone are worth an estimated SEK6.2bn, nearly covering the current enterprise value of SEK6.5bn
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