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Crunchfish: Business model crystalizing - VH Corp

* We add digital cash online and gesture for automotive to our forecast model
* At the same time, we revise expected rollout speed and risk adjustment
* On balance, we keep our valuation interval of SEK 41.60 – 66.20 SEK per
share

After the increasingly detailed communication from Crunchfish recently, the
design of its emerging digital cash business model has become much clearer.
Its platform model enables online and offline payments on a plethora of
devices. In addition, the company is getting firmer in its orientation of the
gesture technology towards AR/VR glasses and automotive applications. We have
therefore decided to completely redo our forecast model to account for these
changes, which we present below. Our new forecasts and updated assessment of
risk pull in opposite directions, but overall, we see no reason to change our
valuation range for the company’s shares of SEK 41.60 – 66.20 SEK per share.
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