Q3 was a step in the wrong direction, prompting a renewed focus on cost savings, with SEK 100m of cash savings targeted versus the Q2/25 baseline. The company states financing over the coming 12 months is at risk. We lower our estimates and raise our risk premium due to the dilution risk from a potential issue. Our new fair value range is SEK 1.4-2.7 per share, with a mid-point of SEK 2 per share.
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