We make no changes to our '23-'24 sales estimates, but revise adjusted EBIT by SEK 1m and -4m following more detailed D&A estimates as well as a slight increase in opex in '24e. We are encouraged by the continued strong Freemelt ONE order intake, particularly the increase in sales in the US, which has a large R&D market. The company has still not raised additional capital, and if it maintains its current spending level we expect it will run out of cash towards the end of Q1'23. In light of the strong Freemelt ONE order flow, we believe the company may be able to cut R&D costs enough to keep operating with a focus on selling the Freemelt ONE, in case it is unable to raise more capital. This would however likely be suboptimal as cutting costs would probably delay the industrial eMELT printer.
Fair value range of SEK 9-18
We adjust our fair value range slightly to SEK 9-18 per share (9-21). The share is down 48% over the past year, likely in part due to the perceived financing risk.
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