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MODI reported sales growth in Q1’24 of 31%, confirming that the strong momentum seen in H2’23 carried into 2024. Along with a 4ppt gross margin improvement this resulted in the first profitable quarter since Q2’23, with a Net Profit of SEK 2m. A significant release of working capital (SEK +3.3m) drove FCF to SEK 5.4m raising Net Cash at the end of Q1 to SEK 3.5m. These quarterly numbers compare to MODI’s market cap the day prior to the report, at SEK 12m, illustrating just how depressed the share has been. As the worst liquidity risk now seems to be behind the company, alleviating the fear of a rights issue, the share made a stunning +100% move on the report announcement, closing up 80%. With support for a fair value of SEK 1.9-2.3, we expect that the share has more to give, although some pullback due to profit-taking can be expected first.
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