Dignitana Q3’2024 - Sales in line with improving cost control

Redeyes’ long-term view of Dignitana continues to be positive. The sales progression has been slow, but this quarter reached our expectations. The cost control was markedly better and highly important until sales start to pick up. The market fundamentals are still positive, with the CPT 1 codes and CMS decision. We have increased our expectations slightly due to the results beat for 2024e. With minor changes, we lower our Base case value to SEK 5.5 (5.7) per share, with a fair value range of SEK 1.8 to 13 (14) per share.

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