We extrapolate the Catalyst momentum The performance witnessed in Q1 is highly supportive of the long-term trajectory given the high indicative demand for Cranial, but more importantly for Catalyst. Initial uptake seems solid and clinical programmes to collect data are progressing according to plan. Hence, we lift our sales estimates by 9% for ’22e and 5% for ’23e-’24e. We now expect a sales CAGR of 66% for ’21-’26e. We expect a slightly more negative EBIT, mostly given the FX impact on costs. Given this and the cash position now at SEK 106m, we think a modest cash injection is likely in H2’23e.
Share down 49% YTD with improving operational performance We leave our fair value unchanged at SEK 8-21 per share, using a WACC of 11%. Despite the 19% jump on Q2 earnings, the share is still down 49% YTD, compared to the small cap index CSX at -31%. We think the company is executing well according to plan and that the setup for strong operational performance in H2 looks likely as market conditions ease, AP-HP and Japan ... Läs mer på ABG Sundal Collier
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