Somewhat surprising, the QoQ reduction in order backlog from SEK 23m in Q4’23 to SEK 15m in Q1’24 was less than revenues of SEK 6.3m in the quarter, suggesting that F2M has seen some cancellations. That should however have improved after Q1 with 34% order intake growth in April, when three out of four subsidiaries reported positive operative results. A SEK 8.4m working capital release helped CF to a mere SEK -0.9m, but liquidity continues to be a glaring risk. Should the company manage to secure the necessary financial leeway, we expect it to reach profit in 2025, which should drive a revaluation of the depressed share price, now trading at EV/Sales 0.2x ‘24e and EV/EBITDA 2.6x ‘25e. All in all, we now find support for a fair value of SEK 0.15-0.20 (0.19-0.24) per share, provided that a rights issue can be avoided.