Asetek's Q4 results in line with our est. on revenue but missed on EBIT. 2023 guidance of 5-15% sales growth and USD 2-4m EBIT are in line with our expectations. Along with the release of Q4 results, Asetek announced its plan to raise at least DKK 140m in capital (gross proceeds of USD 20m) in April 2023. This will be a dilution of c. 65% of existing shares. Small est. revisions appear warranted and we expect the shares to underperform on the rights issue.
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