Fair value range of SEK 9-18 (9-21)
Q4e: strong Freemelt ONE sales and an insurance one-off
For Q4e, we expect sales of SEK 12.8m as well as a one-off insurance payment of SEK 4.5m for the Freemelt ONE system that was damaged during transportation (likely reported under other operating income). During the quarter Freemelt received three orders for (and delivered three) Freemelt ONE systems. We expect this will translate into payment for three systems at an average price point of SEK 4.3m, as two of the three systems delivered were sold in the US where a somewhat higher price is charged than in Europe. We estimate EBIT of SEK -4.0m (SEK -2.6m adjusted). The expected improvement with respect to Q3, when EBIT came in at SEK -12m, is explained by the higher sales volume as well as the one-off insurance payment.
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