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2020-03-10
Analysis Brighter: Financing buys time
Detta är en betald analys på uppdrag av Brighter utförd av analysföretaget Carlsquare (före detta Jarl Securities) på uppdrag av Analysguiden.The report contains no major surprises. The financing in the beginning of 2020 gives the company time to get the commercialization up to speed on their flagship offer Actiste® Diabetes Management as a Service. Our new motived value in the base scenario arrives at 9,4 (19,7) after dilution and minor revisions.
Actiste® is Brighter's flagship offer is an all-in-one subscription service aimed at facilitating self-care for diabetes patients. The initial focus for the company is to market the service in Sweden, South East Asia and in the Middle East. The most progress has been made in the United Arab Emirates, which seems closest to a first order.
Focus is naturally shifting towards the actual sales process and with the financing done during the first quarter 2020 the company can proceed forward. We had not ahead of the report anticipated any surprises regarding orders or any other issues. At present it is just traditional work to get the sales done in the coming quarters. In the long-term scenario, this delay does not mean that much although constantly requires new financing. This new financing is at the same time better and much clearer than the previous somewhat stringy arrangements. Further on the positives is that although that will delay the process, the shareholders still seems willing to step in and cover these costs until a revenue stream arrive. The financial position has improved which is reassuring, even though the dilution effect has affected the motivated value in a negative way. This, even though the total value of the company has not changed so much. |
In our updated base scenario, we see a value of 9,4 (19,7) SEK per share. In the more optimistic bull-scenario, the value per share is calculated at 16,5 (27,0) SEK and in the more defensive bear-scenario at 5,6 (14,0) SEK.
