While SyntheticMR continues to feel the strain from the pandemic, causing delays and an inability to install in certain markets, we see good reasons for improved performance once pandemic headwinds eventually ease. With plentiful growth levers lined up, next year will be all about execution. We trim our 2021 estimates to reflect the Q3 performance and derive a new DCF-based fair value range of SEK 41-54 (previously SEK 43-56) per share.

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