Micronic Mydata: New revenue pattern in sight

Micronic Mydata develops laser-based mask writers for displays that are used in manufacturing in principle all of the world's flat panel displays, and also advanced surface mount equipment for electronics production. Micronic Mydata's sales and profitability has historically been very volatile due to the unpredictable sales of mask writers, but we see clear indications of a change. We feel that Micronic Mydata now has a very solid revenue base, where the revenue stream is made up of aftermarket sales and stable system sales of surface mount technology (SMT), which together represent SEK 1.1 billion annually, and in 3-4 years time, we estimate that it will reach SEK 1.5 billion, which correspond to 85 percent of total revenues. The market hasn't priced in a commercial success for LDI, and the current valuation suggests that investors get pattern generators (PG) and all of the cash reserves for free.