Nanologica's Q2 did not live up to expectations and the market focused on the cash position, sending the stock down around 20%. However, the outlook is more nuanced: the company has built a significant inventory, positioning it to meet demand and potentially extend its cash runway should production evaluations convert in a timely manner. Against our DCF valuation, the stock remains cheap, with order conversion and Syntagon profitability being the primary drivers.
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