While there were bright spots in Q1 with positive developments for Combinostics, good cash collection, as well as improved transparency, the overall picture remains gloomy with sales yet to show meaningful signs of recovery following the decline in Q2/24. We assume a slight recovery ahead, but there is much uncertainty. We cut our 2025 sales estimate by 14% and our new DCF-based fair value range is SEK 3.3-3.8.

Link to the analysis