Redeye comments on Ferroamp’s Q3 report, which was broadly in line with our expectations. Net sales grew strongly by 251% y-o-y to SEK58.2m, matching our estimate, while the EBITDA miss is mainly explained by lower capitalised development work rather than weaker underlying performance. Adjusted for this, EBITDA was significantly closer to our estimate. With a second consecutive quarter of positive operating cash flow and monthly EBITDA breakeven reached in August, we view the report as solid and supportive of our investment case.
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