Redeye notes that Sivers’ Q4 2024 report was strong, with record net sales of SEK76.7m driven by accelerating SATCOM deployments and new contracts. Management indicates a new baseline for revenue going into 2025, setting up the stage for a transformative 2025 when SATCOM volumes are expected to ramp by the end of the year. We keep our Base Case of SEK6.2 intact and provide additional comments about our view of the company, its future prospects, and how our long-term estimates are derived.

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