Redeye comments on Modelons’ proposed directed share issue of SEK20m at SEK20 per share, representing an 84% premium, and simultaneously released Q2 ARR of SEK55.5m. We view the directed share issue as offensive and strong signal of confidence in Modelon’s long-term outlook. Notably, the issue price is in line with our fair value Base Case of SEK21, reinforcing our conviction in the company’s intrinsic value.
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