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Analyst Comment

As expected, Springvest and/or its affiliates exercised Solar Foods' option rights

By Thomas WesterholmAnalyst
2024-10-03 08:04
Solar Foods

Translation: Original published in Finnish on 10/3/2024 at 7:16 am EEST.

The news was expected, as the subscription price for the option rights was well below Solar Foods' share price. Our forecasts already take into account the dilutive effect of Solar Foods' current stock options, so the news does not change our view or require any changes to our forecasts.

Stock options were rewards for share issues arranged by Springvest

Solar foods announced on Wednesday that a total of 51,942 new shares have been subscribed for under the 1/2023 and 1/2024 stock option plans. The subscription price of the options was EUR 0.001 and the options under these plans were granted to Springvest and its affiliated agents as compensation for arranging the share issuances of Solar Foods. The marked options therefore have nothing to do with Solar Foods' employee incentive programs. As a result of the share subscriptions, the number of shares in the company will increase from 24,553,107 shares to 24,605,049. The dilutive effect of the new shares is negligible, around 0.2%.

Solar Foods

7.28EUR2024-10-02 18:00
10EURTarget price
Reduce
Recommendation updated:2024-09-27

Solar Foods established in 2017 is a global leader in sustainable protein production, solving the global food production problem by offering a completely new alternative to existing animal and plant proteins. Solar Foods’ first product is the naturally occurring single-cell protein Solein®, which can be used as a food raw material with high protein content. In the long run, Solein production will improve global availability of protein and increase price and quality stability of food raw materials by disconnecting food production from agriculture.

Read more on company page

Key Estimate Figures2024-09-27

202324e25e
202324e25e
Revenue0.00.22.0
growth-%49.8 %2,937.2 %990.5 %
EBIT (adj.)-6.8-6.1-8.8
EBIT-% (adj.)-113,419.2 %-3,368.6 %-442.2 %
EPS (adj.)-0.37-0.31-0.39
Dividend0.000.000.00
Dividend %
P/E (adj.)---
EV/EBITDA-49.685.5
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