Redeye updates its estimates and valuation following Cheffelo's Q3 2026 report, which we view as strong on profitability and soft on growth. EBIT of SEK0.4m beat our estimated loss of SEK4.3m and marked the first positive third-quarter EBIT in the company's history, a notable result in the seasonally weakest quarter. Management reiterated its 7-9% growth target and EBIT margin target range, but flagged that Q4 will not bring an immediate return to double-digit growth. We slightly trim our estimates, set our Fair Value at SEK140 (156), and see the share price reaction to the fall in active customers as overdone, with the stock trading at 7.0x EV/EBIT 2027e.
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