With limited changes to reported NAV in Q1/24, the share price discount has decreased to 56%, but remains high, in our view. The net debt position is USD 64m in the quarter, significantly lower compared to Q4/23 (USD 110m) following asset sales. We see an improved risk/reward profile and that exits close to NAV should enhance investor confidence notably. We stick to our fair value range of SEK 28-36 (implied mid-point of SEK 32).

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