Redeye’s view on the Q3 report. The organic growth trend turned positive with improvement in APAC and continued positive development in the Americas. The gross margin and OPEX levels created a negative deviation from our results expectations while the cash flow was strong. We have made minor changes to our estimates and increased the WACC due to a higher risk-free interest rate. We thus slightly downward adjust our Base case to SEK 221 (230) and fair value range to SEK 150 – 360 (160 – 380) per share.

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This is a press release from Redeye - Research Powered Investment Banking. www.redeye.se/

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Cellavision Q3 2023 - Normalization in progress

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