We forecast 65% y/y growth excl. FX in Q1 (vs a weak Q1/22), supported by strong demand among MR OEMs. We believe SyntheticMR is well positioned for future growth through own sales investments and its strong OEM relationship, and we particularly note the recent intensified partnership with Philips as a potential new driver. We forecast 27% organic CAGR 2022-25E with the EBIT margin reaching >30%. Or fair value range is SEK 28-36.

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