Q4 has historically been SyntheticMR’s largest quarter and we expect this to remain true in 2023. We see 41% y/y growth in Q4 and an EBIT margin of 26%, although the company’s guidance implies an even stronger Q4. Looking into 2024, we see reasons for the strong growth to continue, supported by the SyMRI launch set for Q1/24. We lower near-term sales by 4%, driven by FX. Our new fair value range is SEK 26-31 per share.

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