The weak 2024 is now in the rear-view mirror, leaving a low bar for 2025. The US is yet to recover, but even a slight recovery should support a return to growth. We expect organic growth to resume in Q2 and forecast 18% for FY/25; however, our 2025 sales estimate falls by 13% after the Q4 report and is now substantially below 2023. Our new fair-value range is SEK 4.2-5.0.

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