And here is the new company report on Björn Borg by Lucas. 
Björn Borg’s Q3 report was overall roughly in line with our estimates. In our view, the company continues to show good revenue growth, but it does not come without costs, as gross margins (FX adj.) have decreased over the last three quarters. At current valuation levels (2026 P/E: 17x and EV/EBIT: 13x), we would like to see clearer evidence that the company can successfully expand its footwear and sportswear categories while maintaining stable gross margins. As a result, we reiterate our Reduce recommendation, but raise our target price to SEK 57 per share (prev. SEK 55), mainly due to a slight increase in short-term earnings estimates.