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Västra Hamnen Corporate Finance
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Precise Biometrics: Merger with Fingerprint Cards
Precise Biometrics (Precise) and Fingerprint Cards (FPC) recently announced a merger of equals, aiming to create a global leader in biometric solutions. The current market cap of FPC amounts to approximately MSEK 112, whereas Precise’s market cap is around MSEK 145. In a recent video interview, Precise’s CEO, Joakim Nydemark, talked about FPC, the time plan and the benefits of the proposal. Our coverage of Precise will continue. Awaiting the outcome of the merger proposition, we will follow-up the Q1 report due May 13. We keep our fair value per share of SEK 4.89.
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aXichem: A new spice in milk production
We have now updated our model of aXichem after the completed share issue and based on the year-end report for 2025. Our positive view of the company's growth opportunities going forward remains, even though we have now adjusted our forecasts downwards. The product registration for dairy cows obtained in March opens up new opportunities in the country. However, we do not include this potential in our model until a concrete agreement has been presented. We believe that aXivite will account for the largest share of sales in 2026, but we predict a shift in the coming year. Our forecast also includes margin improvements for aXiphen as volumes pick up. Our model now arrives at a fair value of SEK 3.07 (4.26) per share.
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Gabather: Key shareholders show support
Gabather has carried out a directed share issue of approximately MSEK 4.2 with participation from several investors, improving the company’s cash position. Together with earlier warrant exercises and improved cost control, this reduces financial risk and extends the funding runway. Further progress updates on the phase II clinical trial of GT-002 in Denmark are awaited.
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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.
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