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Swedish Stirling: MoU widens opportunity - Longspur

The MoU with SMS Group represents a major opportunity for Swedish Stirling to expand its offering geographically and into other areas of the ferroalloy industry. SMS is one of the world’s major providers of submerged arc furnaces.

While the initial pilot will target a single PWR BLOK unit in Spain, the longer term potential is significant in our view. Our base case valuation of SEK 21 assumed an eventual 20% of the addressable ferroalloy market. Given the strength of the partnership now announced we increase this to 25% raising our base case valuation to SEK 27.
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