While sales in Q1 were on the weaker side in light of recent quarters, this also indicated that opex is starting to level out. The 2023 guidance was reiterated (implying >32% growth in 2023), and with the recent intensified relationships with OEMs, as well as advancement in direct sales, we believe it is mainly down to execution. We cut sales estimates by 3% following the report and our new DCF-based fair value range is SEK 27-35 (28-36).

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