Imint: Evaluating new areas

Imint reported net sales of SEK 5.3m in Q3, which thereby was in line with our estimates. Costs were lower than expected, which led to EBIT of SEK -1.4m (vs expected SEK -2.3m). The most interesting announcement during the period is the license agreement with the large Chinese actor Vivo. Another interesting event is that Imint has signed a research agreement with Kontigo Care, which illustrates the company’s efforts in examining new potential areas of application.

We have revised our sales estimates and lowered our assumptions regarding the company’s long-term margins, which results in a new fair value of SEK 37 per share in base case. Our fair value range starts with SEK 15 per share in bear case and ends with SEK 64 per share in bull case..