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On the back of 7.5 MSEK in orders in the last eight months and new CEO Julian Read taking the helm on May 16th, Simris is set to strengthen finances in a rights issue of 25 MSEK to improve production, drive additional revenue and raise gross margins. With a broadening of the B2B business offering beyond fucoxanthin into R&D and other high value bioactive substances such as active skincare, we see an upside risk to our forecast of 25 MSEK in sales in 2023 and 35 MSEK in 2024 with a positive EBITDA by 2025. Supported by only a fraction of listed peer multiples we find support for a fair value of 0.85-1.19 SEK per share in 12-24 months.
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