Redeye returns with a broadly unchanged outlook following GomSpace's H1 2026 report, which showed continued growth (+30% y/y) with profitability broadly in line with our forecast, though revenue landed modestly below expectations on softer order intake. We make only minor adjustments to our estimates — trimming FY26e revenue and EBITDA by 2% and 1%, respectively, while raising our FY27e growth expectations slightly — with margins broadly maintained. We also flag a meaningfully reduced receivable risk, with the disputed customer balance cut by around 22% to SEK114m during H1. We leave our fundamental DCF-based valuation (Base case) unchanged, while GomSpace now scores as 'Fairly Priced' on Redeye's new proprietary Value Score, implying a Fair value of about SEK13 per share.
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