Redeye is impressed by the continued strong growth and result progression that was better than expected. The better-than-expected sales and continued bright outlook confirm our positive stance on the potential for Paxman in the future. With some minor adjustments to our estimates due to the beat of our estimates and a slight decrease in sales for 2024e, we maintain our fair value range and range of SEK 39 to SEK 130 per share and lower our Base case value to SEK 84 (86) per share.