We expect Q2 to be a slow quarter with -5% organic growth, driven by low activity in Sweden. With the start date for the new Swedish frame agreement being delayed, we believe Sweden is likely to remain subdued, hence we now see only 3% EBIT growth in 2025, despite other regions performing well. We lower 2025E EBIT by 2% and derive a new DCF fair-value range of SEK 35-43 (36-44). The shares trade at a 2025E EV/EBITA of 10x
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