Redeye provides an update following SciBase’s Q3 2026 report. Overall, we view the report positively, as sales and gross margin came in somewhat above our expectations, although costs were also slightly higher than expected. The rollout of Nevisense continues to progress well, and the company is clearly moving in the right direction. We make some fine-tuning adjustments to our short-term sales estimates, but primarily raise our cost assumptions. We also update our capital raising assumptions, which together with a higher WACC lowers our Base Case. However, our fair value continues to suggest that the SciBase share is cheap.
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