Positively, Claus Egstrands assumed his new role as CEO already in September, three months ahead of schedule. With a CEO in place, the board has given financial targets, seeking net sales of SEK 600m with an EBIT margin exceeding 28% by 2026. The sales target implies annual growth of 32% from 2020 and 41% from the end of our forecast period. The targets reflect an ambitious growth journey ahead, but with distributor agreements giving access to ~60 markets, we believe Enzymatica already has a lot in place. Likewise, the proven >60% gross margin should enable high EBIT margins at scale.
Lower near-term estimates
With signs of cold markets returning, we leave our long-term sales estimates largely unchanged, but we lower near-term sales as we expect a de-stocking period. With the lower opex, we reduce our near-term cost assumption slightly. The company currently holds a cash position of SEK 50m, with a quarterly burn-rate of SEK 10m.
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