Aiforia Technologies: € 6.4m share issue de-risks the investment case - NuWays AG Research
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Aiforia Technologies: € 6.4m share issue de-risks the investment case - NuWays AG Research

On Thursday evening, Aiforia announced having completed a directed share issue of 3.6m shares at € 1.772 per share, raising gross proceeds of some € 6.4m. The subscription price corresponds to the closing price of June 25th, representing no discount to market. The placement increases the total share count to 37.39m implying post-money dilution of ~9.6%.

The next concrete datapoint will be the H1 figures, due August 28th. We expect very strong growth, with clinical segment doubling revenues yoy (eNuW). Revenue ramp-up remains the central share price catalyst.

We adjust our DCF model to account for the capital raise, which decreases our PT from € 3.8 to € 3.6 on dilution. We make no other changes and reiterate our BUY rating.
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