Suzanos beslut att dra sig ur de planerade investeringarna i Spinnovas fiberproduktionsteknik var en stor besvikelse och förändrade hela bolagets strategi och investerarberättelse, och det är inte självklart att bolaget kan hitta ett vinnande recept med de tillgängliga resurserna. På grund av den betydande osäkerheten kring framtiden kan aktien inte längre rekommenderas som investeringsobjekt, trots att bolagets företagsvärde sjönk till negativt territorium efter fredagens kursras.

We have not made any material changes to our forecasts for the commercialization progress of Spinnova's technology portfolio since the company's H2 report. In our view, the share still offers positive expected value considering the company's current market capitalization and the trajectory of our estimates, even though the range of different scenarios is wide and the realization of the story will require time and positive news flow from H1.

Spinnova released its H2 report this morning. H2 was largely in line with our expectations in terms of figures, although the year-end net cash position was better than expected.

Spinnova will publish its H2 report on Thursday at 8:30 am EEST. Spinnova did not have any technology delivery projects in H2, so the company's revenue remained marginal at the end of the year. However, we expect Spinnova's loss and negative cash flow to have narrowed year-on-year due to the change in strategy and cost-cutting measures.