Azelio Q4’21: Progressing, but slower than expected
Research Note
2022-02-25
09:27
Until this point, the progress of signing firm deals has been below our expectations and we expect to make significant downward estimate revisions for the coming years. As an effect of the adjustment, we also expect Azelio to need another capital raise in the area of SEK 300-500m, which Azelio confirms in the report. All in all, this entails a reduced base case valuation.
OV
HA
Oskar Vilhelmsson
Henrik Alveskog
Disclosures and disclaimers