Q4 showed a long-awaited return to organic growth driven by sales in Europe, while sales in the Americas remained flat. Following the share issue, the balance sheet is better, but we stress that SyntheticMR needs a sustained growth trend to reach positive FCF. Q4 was a good start on this. We raise our sales estimates but lower EBIT on higher costs. Following the share issue, our new fair value range is SEK 1.5-1.6 (1.7-1.9).

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