Redeye gives its initial comments on the Q1 2025 report from Scandinavian ChemoTech, which was mostly in line with our estimates. Net sales were cSEK2.47m (1.35), 6% above our estimate of SEK2.32m. The current momentum in the business is strong, and if the announced order intake for April (after Q1) can be maintained for the rest of the quarter, it is not impossible that the company would be profitable already in Q2. We also received segment-based reporting for the first time, showing that Animal Care is in fact profitable on an EBITDA basis (good cash flow proxy). We expect to inrease our estimates and valuation building on financials presented in the report as well as the strong order intake for April.
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