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SENASTE
Simris’ expanded objective to leverage the acquisition of Cyano Biotech in Q3’22, enter the high-value biopharma space and build a science-based vertically integrated company represents a business transformation that shows many similarities to what AAK (AAK SS, Mkt Cap 46.5 BN SEK) did in industrial fats. This is underscored by the proposed name change to Simris Group. Now the immediate focus is on cyanobacteria and the ADC space, where we see a real opportunity for large revenues in the near-term, as evidenced by the more than doubling of the share price year to date. We continue to find support for a fair value of 170-230 MSEK, which translates to 0.94 – 1.28 SEK per share in 12-24 months and note that the additional 0.5 MEUR flexible funding facility with The Brand Laboratories has alleviated the need for external financing in the short term.
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