Redeye retains its positive view of Transtema despite lowering our forecasts and Base Case. While management highlighted a weaker 5G market in the Q1 2023 report, the situation seems to have worsened. Despite raising some questions regarding the UBConnect acquisition, management must handle a downturn, and we believe the long-term prospects are solid. Also, even with our estimate cuts, Transtema is trading at a low valuation multiple in relative and absolute terms.

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Transtema - 5G Layoffs and Preview Q2 2023

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