Redeye lowers its base case in Alelion following a 1 p.p. discount rate increase, reflecting higher risk for investors amidst deteriorating financials. The company shortly needs to secure funding, highlighting the value of its strong major owners. On the business side, we view the progress in Special Vehicles essential. However, with long lead times in a nascent market, we do not expect a swift turn-around and caution that higher expectations may be priced into the stock at current levels.

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