Organic growth of 9.4% in Q3 was good. The Nordics saw negative growth while the UK and the German market grew strongly compensating for Nordic weakness. We believe guidance for 2025 sales and FCF is achievable but leaves room for upside surprise on EBIT. We reiterate our sales estimate but raise adj. EBIT by 11% and keep our fair value range at SEK 27-34. The share trades at a 2026E EV/EBITA of 8x. 2025 FCF should match last year’s level.
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