Good potential but challenging valuation
The Q4 figures offered no major surprises but were slightly below our estimates in absolute terms. However, OptiCept announced a small directed share issue to its partner within solid foods, FPS Food Process Solutions, which will increase the cash position by approximately 10.3 MSEK before issuance costs. While we view FPS's investment in OptiCept positively, as it reduces financing risk somewhat and indicates confidence in the successful commercialization of the technology, we believe that the fundamental-based valuation is too high, exceeding our fair value range of SEK 1.5-2.7 per share. Additionally, we anticipate the need for further financing during the year, leading us to perceive the risks as too great to rely on the potential.
OptiCept Technologies
OptiCept Technologies is a provider of the food and plant industry with technological solutions that are used to increase the sustainability of various raw materials. The company works with biological processes that provide increased extraction from the raw material, extended shelf life reduced waste, and retained taste, aroma, color, the nutritional content of the end product. The company has a patented technology within PEF (pulsed electric field) and VI (Vacuum Infusion). The company sells its products on a global level and is headquartered in Lund.
Read more on company pageKey Estimate Figures28/02
2023 | 24e | 25e | |
---|---|---|---|
Revenue | 9.1 | 26.7 | 65.6 |
growth-% | -12.90 % | 191.47 % | 146.27 % |
EBIT (adj.) | -73.6 | -42.0 | -36.5 |
EBIT-% (adj.) | -804.81 % | -157.46 % | -55.53 % |
EPS (adj.) | -2.00 | -1.08 | -0.92 |
Dividend | 0.00 | 0.00 | 0.00 |
Dividend % | |||
P/E (adj.) | - | - | - |
EV/EBITDA | - | - | - |