Cindrigo: Strategic investor backing and pellet integration strengthen the case - Emergers
Following its listing on the LSE Main Market in October 2025, Cindrigo has now moved into an execution phase supported by a materially strengthened funding position and a broadened industrial scope.
ANNONS
In our revised model, taking the 17% dilution from the recent raise into account, we now find support for a risk-adjusted near-term valuation of around GBP 0.25-0.50 per share (underpinned by the new strategic investor’s willingness to invest at GBP 0.12).
With the startup of the pellets production we find support for a stepwise revaluation (only illustrative, intended to show the potential valuation effect of successful de-risking initiatives) towards 0.75 by the end of 2026, GBP 1.00 in 2027 with a longer-term upside supported by potential EBITDA of >EUR 90m by 2030 and a peer-based multiple valuation of around GBP 2.4-4.1 per share.
In a longer-term perspective to 2034, we continue to find that growth, structure and profitability improvements could support a share price in the GBP 8–16 range.
