Azelio: One Billion in the Bank

Research Note



Redeye remains positive to Azelio following last night's directed share issue of SEK ~600m. With almost one billion SEK in the bank, Azelio is well set for establishing and scaling up its production. Following the issue, we argue that the risk of hurting from costly delays has decreased and we have reduced our risk premium (WACC). The changes result in an increased base case valuation.



Oskar Vilhelmsson

Mattias Ehrenborg

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