Redeye provides an update following BICO's Q3 2026 report. Sales came in slightly below our estimate, and while adjusted EBITDA was well ahead of our expectations, the quarter was flattered by a one-off contribution of SEK135m from the SCIENION supply and license agreements, and the underlying development is more mixed. Cost control remains good, and alongside the report BICO launched its new BICO 2030 strategy. Following the report, we lower our sales estimates somewhat and reduce our cost assumptions, while a higher risk-free rate somewhat lowers our Base Case. However, our fair value continues to suggest that the share is cheap, with BICO trading at c0.7x 2027e EV/Sales, and we argue the sharp share price decline yesterday was to massive.
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