Imint: Stable ground for growth

Research Update

2017-08-25

07:33

Net sales for Q2 came in at SEK 4.9m, corresponding to a (Q/Q) growth of 145%. This was SEK 1.3m higher than our expected SEK 3.6m. Costs were also slightly higher than expected, resulting in EBIT of SEK -2.3m compared to our estimate of SEK -2.1m. Imint has experienced an interesting Q2 with strong sales growth, two new agreements and continued growth of their organization. Imint has since then announced an additional license agreement with a Chinese manufacturer. We believe that Imint is well-positioned to experience future growth. The Q2 report has a limited effect on our estimates. We reiterate our fair value of SEK 71 per share in base case, SEK 22 per share in our bear case and SEK 135 per share in our bull case.

DB

Dennis Berggren

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