Modelon's Q3 report marked the turning point we had been waiting for: ARR returned to sequential growth after five quarters of decline, and the report was overall in line with our forecasts. The Munters win adds further evidence of traction in data centre cooling. We take a more gradual view of the ARR ramp in 2027–2028e, but the leaner cost base lifts our EBIT forecasts. With the positive estimate effect offset by a higher risk-free rate, we maintain our Base Case of SEK14, and the share screens as Attractively Priced. Next up is the Capital Markets Day on 10 November.
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