Redeye updates its estimates and valuation following NYORDA’s Q3 2026 report, a quarter we view as clearly strong. Net sales of SEK569.6m beat our estimate by 7.6%, with growth broad-based across all five regions and both business areas, while adjusted EBITDA of SEK28.0m and adjusted EBIT of SEK16.5m came in 10% and 22% above our forecasts. Metapic grew 18% year-on-year and Partner Marketing returned to EBITDA growth following the efficiency measures taken in the first half. We raise our net sales estimates and our Fair Value. We remain positive on the long-term case, with the stock trading at an EV/EBIT of 3.2x on 2027e.
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