Q3 showed that SyntheticMR continues to be negatively impacted by disruptions in North America. With a new organisation in place during the quarter, management now guides for a gradual improvement in Q4, although we stress that uncertainty remains elevated. Bright spots include a stable cost base and cash collection trending in the right direction. We lower our sales estimates by 15-16%. Our new fair value range is SEK 11-13 (15-18).

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