2024 was characterised by muted overall demand, stable profitability, strong cash flow, and reduced total leverage. Going into 2025, management points to continued moderate demand and a focus on profitability and capital efficiency, with P/WC as its guiding star. The shares trade at a 2025E EV/EBITA of 8x while offering a 10% lease-adjusted FCF yield. Our reiterated fair value range of SEK 40-50 translates to a 2025E EV/EBITA of 9-11x.

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