In what tends to be its smallest quarter, SyntheticMR delivered 10% y/y sales growth with strong cost control. Our main focus continues to be the launch of 3D, with shipments said to start from H2 and supporting growth thereafter. We currently forecast 21% sales growth and EBIT margin expansion to 23% for 2024. We lower our sales estimates by 2%, mainly driven by FX, and our new DCF fair value range is SEK 25-30 (26-31).

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