The stock market may prefer cash earnings short-term, but we continue to like the business case in Genova, believing that the project portion of the portfolio is well positioned to capture expected market tailwind in 2026-2027. With this said, we lower our target price to SEK 53 (55) on the back of lower forecasted IFPM/share and the negative market sentiment. It is perhaps worth mentioning that slow progress is still progress, and Genova continues to be a value rather than a cash flow case, wit ....
