Redeye keeps its Base Case at SEK484 ahead of Vitec's Q3 report on 23 October, with forecasts essentially unchanged. We see a gradually brighter market tone, as highlighted in the Q2 report, but expect it to show up in reported growth overtime rather than in Q3. We expect 4.5% organic subscription growth, in line with the 4.4% delivered in Q2 2026, and a Cash EBIT margin of 26.5% (26.8). Vitec trades at 12.6x EBITDA-CAPEX 2027e, well below its recent-year average.
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