It took less than five months for Agtira to convert the LOI with Greenfood into a firm order of SEK 80m, the first of potentially ten, and the company’s Farming as a Service (FaaS) model is now gaining traction. With an increasing dominance for the FaaS-model, at least in Sweden, positive cash flow is pushed into the future due to smaller but recurring revenues building up over time. Along with a macro-driven hike in discount rate, the 14 systems under LOI or construction, plus a rollout of one Complete, one Greens and three InStores per year now support a fair value range of SEK 22-27 (32-46) per share in 12-24 months.
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