ANOT

Anoto

Research update

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Anoto: The great resurrection

In September, the digital pen market opened wide as Apple launched its Apple Pencil. Anoto is using the associated market momentum to make a well-timed acquisition of its partner Livescribe for USD 15 million, at the valuation P/S 1x. In addition, Anoto has initiated discussions with other major OEMs besides the HP deal that was finally closed in conjunction with the Q3 report. The HP deal means a seemingly favourable 4 year volume commitment in return for exclusivity only in certain segments.

We have revised our short and long-term estimates, resulting in new scenarios with a higher bear and bull range of SEK 630 million to SEK 2100 million (prev. 180 & 1 700). Anoto’s share is still up 420 percent since one year ago, meaning the profit taking can still go on for a while until the press release of next big order.

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