Redeye provides a research update following the Q1 report recently published by Magle. The first quarter of 2024 for Magle was primarily marked by the public offer to acquire Amniotics. We believe that Amniotics' cGMP-licensed facilities will be able to generate long-term added value for Magle. Beyond that, the company reported a lower sales figure than expected at SEK38.2m, a -1% y/y decrease, with reduced revenue from its DSM products. However, we reiterate our previous fair value range (SEK25 – SEK58) with a base case valuation of SEK40.
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