Redeye: OXE Marine - Approaching Launch of OXE300

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Redeye increases near term expectations on sales and OPEX on the back of OXE Marines mixed Q4-report. We view the outlook as solid, expecting a significant sales ramp-up in the coming years, but believe the profits to linger as a result of a relatively large cost base in a low-margin industry. We reiterate our view that the stock, on balance, is fairly priced and leave our valuation unchanged.

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