The Q2 report was pretty much in line with our expectations, apart from a slight miss on sales due to replanting efforts. The partnership where NP3 Fastigheter will construct and own up to 15,000 square meters of cultivation area, leaving Agtira to scale up its FaaS-model more capital efficient, should shorten the time to profitability. However, short term liquidity continues to be a bottle neck. We expect Agtira will need to raise SEK 40m in the coming 6-9 months. Adjusting for the expected dilution of a rights issue and a slightly lower sales estimate for FY’23 translates to a new fair value of SEK 23-29 (29-35) per share, in 12-24 months.
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