OssDsign released its Q1 report after a profit warning on 10 April. The CEO said the root cause of sales pressure was identified and addressable. We view Q1 as a low point, but visibility on the magnitude of improvements is low ahead. We cut 2026E-28E sales by 15-20% and lower our valuation range to SEK 4-8 (9-16). The current valuation (2026E EV/sales of <2x) suggests potential to us if sales improve with signs of operating leverage.
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