We view Alelion's sales trend alarming and with a very low order intake in Q3'19, we lower our sales expectations considerably. Special Vehicles is now, in our view, the key for Alelion to turn the business around and get back to growth. Lead times in the segment are long but even a test order in the size of previous ones (SEK 13-15m) would exceed the group's Q3'19 sales. The uncertainty in the case is very high and the financial situation tightening, while we believe new orders and customers are possible major catalysts for the pressured stock.

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