On the back of the Q3 numbers, much in line with our expectations, and based on unchanged EBIT forecasts, we reiterate our midpoint DCF-based equity value of SEK 180 in DistIT Group. Our investment case is intact, building from high single-digit organic growth, operating leverage (cost management) and topped by the attractive acquisition, we argue, of Swedish EV charging market leader Efuel, now consolidated as of Q3 (late-August).

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