STENOCARE A/S (“STENOCARE” or the “Company”) has executed on several strategically important milestones during H1-24, including approval of the balanced oil in Denmark and the launch of premium products in Australia and Germany. However, higher product price subsidy has increased competition from Magistrel products in Denmark, and the market growth has been slower than expected which has affected sales. This has led us to update our financial forecasts for STENOCARE and with estimated net sales of DKK 30.2m by 2026, and with an applied P/S multiple of 4x, a potential present value per share of DKK 4.0 (8.8) is derived in a Base scenario. The updated valuation is a result of the updated forecasts, a multiple contraction in the industry as well as an increase in shares outstanding from capital raises.