With two noteworthy deals in Q2, a comprehensive agreement for digital management with Pareto Business Management and developing and implementing visualization tools for Svenska Mässan, things are looking up for F2M. This builds upon the 34% order intake growth reported for April, suggesting good momentum going into the summer season. Along with the launch of support services in energy storage and solar maintenance subscriptions, F2M is taking another step up the PropTech value chain, while also expanding its recurring revenue base. Should the company manage to secure the necessary financial leeway, we expect it to reach profit in 2025, which should drive a revaluation of the depressed share price, now trading at EV/Sales 0.2x ‘24e and EV/EBITDA 2.6x ‘25e. We continue to find support for a fair value of SEK 0.15-0.20 per share, provided that a rights issue can be avoided.
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