Through a share issue yesterday, Zutec raised SEK 100m (c. 27% dilution), firmly strengthening the balance sheet. Zutec intends to use the proceeds to finance continued organic growth with investments in sales, marketing, product development and M&A. In our view, Zutec’s recent acquisition of Createmaster added another leg to the growth story and we argue the equity raise gives good scope for further acquisitions at appealing multiples.
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