Pauli has made a new company report on Tamtron after H2. 
The cyclicality of demand for large-scale systems materialized in the second half of 2024, and revenue fell short of expectations. However, development was good in more continuous and higher-margin segments, such as onboard product sales and services. Signs of a turnaround are visible in both the recovery of the order book and strategic advancements. We see the valuation as favorable relative to the quality of the business and reiterate our Add recommendation with a target price of 6.2 euros (unchanged).