Asetek has just published a prospectus and terms for its capital raise. The rights issue comprises c. 71.2m new shares and is fully subscribed at a price of NOK 3 per share. We calculate a post-money equity value of c. NOK 470m, which implies a 2023E P/E of c. 21x, based on our current estimates. If Asetek could deliver USD 4m of EBIT (the higher end of its current guidance) and USD 3m of net income, we estimate that the 2023E P/E would only be 11x.
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