Redeye retains its forecasts and Base Case of SEK8.2 in Transtema ahead of the Q3 report. We forecast a steep organic sales decline in the quarter, largely a function of an unusually strong prior-year comparison in Sweden and a focus on profitable deals while the adjusted EBITA margin should hold roughly flat versus Q2. The shares trade at SEK4.65, down about 35% year-to-date and 56% over the past year, implying roughly 76% upside to our Base Case.
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