Redeye initiates coverage of FlexQube, a Swedish manufacturer of robotic material handling products for the intralogistics sector. The product portfolio includes both mechanical carts and autonomous carts. While FlexQube’s initial focus was on mechanical carts the long-term focus was to robotize the carts, and the company has now turned into a robotics company with its range of self-driving carts. This is an industrial automation play with huge structural tailwinds not yet recognized by the market. Our Base case fair value is SEK 73 per share.