Smart Eye delivered a strong Q4 within Automotive, significantly outperforming our expectations, while temporary cost effects and a softer Behavioral Research outlook weighed on reported profitability. With improving underlying cash flow and a scalable business model becoming increasingly visible, we view the sharp share price reaction as disproportionate. Trading at 6x EV/EBITDA-CAPEX 2027e, we continue to see attractive long-term value despite near-term noise.
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