OptiCept Q1'24: Clear steps towards building large scale business
OptiCept’s Q1 figures were below our estimates. However, the Company's investment story is based on long-term commercial success and the company has taken important operational steps towards reaching this during the first half of 2024. The recently announced FPS order was a clear breakthrough for the company, which not only validates the technology but also shows signs of clear end consumer demand. Thus, we have revised our estimates upwards. In addition, the company has secured financing through debt, at favorable terms, and warrants that we assume will be fully redeemed. As a result, we believe that the overall risks associated with financing have come down. However, in our view, given the uncertainty regarding whether the company will continue to receive larger order on a regular basis and to what profitability, the stock is already sufficiently priced in for high revenue growth (2025e EV/S: 3.2x).
OptiCept Technologies
OptiCept Technologies förser livsmedels-och växtindustrin med teknologiska lösningar som används för att öka hållbarheten för diverse råvaror. Bolaget arbetar med biologiska processer som ger en ökad extraktion ur råvaran, minskat avfall samt bibehållen smak, doft, färg, näringsinnehåll. Bolaget har en patenterad teknologi inom PEF (pulsed electric field) och VI (Vacuum Infusion). Bolaget säljer sina produkter på en global nivå och har sitt huvudkontor i Lund.
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