Redeye provides its review following the release of 4C’s Q3 report, which came in softer than expected, mainly due to a weak topline driven by continued delays in closing deals and seasonal patterns such as lower exercise volumes during the summer months. Following the report, we trim our sales and OPEX estimates, resulting in a lower fundamental value of SEK8.0 (10.5) and an updated fair value of SEK11 (16.1). The stock continues to screen as “Cheap”.
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