Agtira: Big launch and a capital-light expansion in the cards - Emergers

In terms of financials, Q2 was largely a repeat of Q1, with one-off replanting and remediation costs from the Q1 disease affecting the results. The production start in Haninge in Q4’24 will increase annual production rate to SEK 60m. With upcoming establishments in Kramfors (2,000 + 6,000 m²), Boden, and Coop Nord (where we are more uncertain about prospects), Agtira could raise ARR to SEK 120m, though this may take longer than expected. Our updated sales forecast is SEK 42m for 2024e and SEK 70m for 2025e. With SEK 20m in fresh financing and a more capital-light expansion strategy (via NP3 and Newsec partnerships), we now find support for a fair value of SEK 9-11 (previously 10-13) per share, factoring in a SEK 30m raise in 2025.

Länk till analysen i sin helhet: https://www.emergers.se/agtira_v24/