Q4 followed the trend of strong growth seen in previous quarters in 2024, resulting in 140% y/y growth for the year. Importantly, Gapwaves did this with a shrinking EBIT loss of SEK -39.4m (excl. associate company income), compared to SEK -56.8m in 2023. The set-up for growth in 2025 looks strong, with start of production for Valeo and Smartmicro, and good recent order momentum. We tweak our fair value range to SEK 22-29/share (21-28).
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