Redeye takes a closer look at NeoDynamics as several potentially case-altering events are nearing in. Our positive stance is reinforced, and we believe that current share price levels (in all-time-low territory) at roughly SEK 3.0, could offer attractive entries for a hefty potential during the year to our updated Base Case.

We raise our Base Case to SEK 5.0 (previously SEK 4.0) following a closer take on the
outlook for NeoDynamics, lowering our WACC and positively affecting our discounted
cash flow model. We see clear catalysts for the share to close its gap during the year,
though we anticipate an equity issue in H1 2022 of SEK 70-80m. Considering its
expected momentum until then, we believe a directed share issue is not an unlikely
solution.

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