SEK 4.7bn Quebéc deal displays Sectra's exceptional position. Some 35 large-scale contracts are up for grabs in North America. We raise our TP to SEK 330 (300), implying nearly 20% upside.
Ten-year EBIT growth potential of 15-20% per year. Value creation opportunity in ongoing SaaS conversion. We initiate with BUY and TP SEK 180, implying ~30% upside.