Redeye retains its positive view on q.beyond, maintaining our Base Case at EUR 1.1. The ~0.25x EV/sales ratio in 2025e looks appealing, given the stable business model and future margin potential. While we believe improving margins are key to the long-term investment case, and we expect a solid boost if volumes return, we are encouraged by management’s initiatives regarding the capital structure. We leave our forecasts for Q4 and 2026 unchanged.
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