Västra Hamnen Corporate Finance

Capital Markets Transactions and M&As

Recent research

Gabather: Any day now

Gabather’s Q4 report showed lower-than-expected costs, primarily due to reduced payroll expenses, resulting in EBIT of MSEK -1.25 versus our forecast of MSEK -1.50. Cash at year-end amounted to MSEK 3.14, slightly below our expectation, but with an additional MSEK 1.53 in subscribed but unpaid share capital, the effective liquidity position is somewhat stronger than it appears. While finances remain tight, the company exits 2025 in a stronger position than after Q3. The TOTEMS phase II study has not yet commenced, but preparations at CNSR in Denmark appear to be in their final stages and the study is expected to begin shortly. While our outlook has not changed significantly, the number of outstanding shares has. After adjusting for dilution, our fair value amounts to SEK 0.06 per share.

Xintela: Moving forward with XSTEM

Xintela’s year-end report did not reveal any substantial surprises. The recent rights issue and loan facility have given the company temporary financial relief. In February, Xintela announced its clinical study with XSTEM in difficult-to-heal leg ulcers was completed, and the final study results are expected by the end of May. In the report, CEO Evy Lundgren-Åkerlund referred to discussions regarding investigator-initiated phase II studies with XSTEM in both VLU and osteoarthritis. If these studies materialise, they could change Xintela’s capital needs and would prompt us to revise our model. As of now, we make only minor adjustments and thus keep the fair value at 1.04 SEK per share.

Bioextrax: Patience is a virtue

Bioextrax reported an eventful Q4 2025, with EBIT of MSEK -5.0, slightly higher than expected. Cash at year-end amounted to MSEK 3.9, with MSEK 12.5 from the rights issue recorded as a recievable. The company is awaiting an agreement with Chematur regarding a PHBV facility in Asia, and has initiated a project with Lantmännen to trial protein from feathers in animal feed. Panel testing at the candy company has not yet started.

Advenica: 2025 - another high watermark

Only hours after we published our initial analysis of Advenica, the company announced an order worth MSEK 58 from a Swedish authority, corresponding to roughly 25 per cent of annual revenue, which pushed the share above our fair value. The Q4 report was received less favourably and the share fell 10 per cent despite revenue of MSEK 50.7 coming in above our estimate of MSEK 47. Costs were also higher than expected, resulting in EBIT of MSEK -0.8 versus our forecast of MSEK 3.7. Full-year sales for 2025 exceeded MSEK 200 and the bottom line reached a record MSEK 16.6, supported by a strong first half. Following the report and other news, we have adjusted our short-term forecasts and now estimate 2026 sales of MSEK 225, but with higher costs. We keep our fair value of SEK 18 per share.

All research updates

Private Placement

118 MSEK

IPO

109 MSEK

Rights Issue

74 MSEK

IPO

75 MDKK

Rights Issue

57 MDKK

Rights Issue

64 MSEK

M&A

Price not disclosed

IPO

250 MSEK

Rights Issue

155 MSEK

M&A

Price not disclosed

Market Focus

Market focus is our service for stock analysis of small and medium-sized listed companies. The service contributes to increased turnover in the share by increasing investors' awareness of the company and attention to current events. All our analyses are listed below.

Market Focus

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