Qlucore: Long term potential clouded by likely capital raise - Emergers

With stable sales in H1’23/24, Qlucore has continued on the revised, more concentrated path announced in Q1, accompanied by a cost reduction plan fully effective by 2024, targeting CE-marking and sales ramp-up in 2025. While we maintain our forecast, with >100% CAGR in 2025/26-2027/28, likely to drive a revaluation of the company, the share has continued to slide, down 28% in the past three month. This has affected the hypothetical terms of a future capital raise, motivating a further adjustment of our fair value to SEK 11-16 (16-21) per share.

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