Good potential but challenging valuation
The Q4 figures offered no major surprises but were slightly below our estimates in absolute terms. However, OptiCept announced a small directed share issue to its partner within solid foods, FPS Food Process Solutions, which will increase the cash position by approximately 10.3 MSEK before issuance costs. While we view FPS's investment in OptiCept positively, as it reduces financing risk somewhat and indicates confidence in the successful commercialization of the technology, we believe that the fundamental-based valuation is too high, exceeding our fair value range of SEK 1.5-2.7 per share. Additionally, we anticipate the need for further financing during the year, leading us to perceive the risks as too great to rely on the potential.
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