5x sales growth this year and 85% secured rights issue of SEK 21m pull in opposite directions for the share price

Ekobot expects to sell 25 of its unique farming robots this year, sign a distribution agreement in the Danish market and get one pilot customer for the SaaS product Ekobot PLUS, which provides AI-based information on crops. To finance operations and growth, the company is carrying out a rights issue, which is 85% secured, of SEK 21m at SEK 2.5 per share.

Ekobot: Ticker EKOBOT | Price: 3,66 SEK | Market Cap.: 17 MSEK | YTD Price development: -28%

EKOBOT has developed and sells an agricultural robot that both removes weeds and collects data on crops, enabling farmers to reduce their costs by up to 20%. EKOBOT focuses on crops that are difficult/costly to grow in terms of weed control, and thus the segment of agriculture that benefits most economically from using robots. Especially, but not only, organic farms benefit from robots for weed removal as they do not use pesticides. The focus markets are Sweden, the Netherlands and Denmark.

Biosergen: Ticker: BIOSGN | Price: SEK 1,21 | Market Cap.: 51 MSEK | YTD price development: 15%

New triggers

A sale of 25 robots for delivery in 2024 indicates an annual turnover in the range of SEK 22 million, which is a strengthening of the investment case. Entering into a distribution agreement for the Danish market with the distributor with whom an LOI has already been signed will strengthen the probability of reaching the sales target. Therefore, we expect that there will be good growth triggers this year in particular.

Tests with the Ekobot farming robot have shown that it improves yields by 5-20%, which according to Ekobot is unique in the market. These results could also form the basis for sales of 25 robots compared to the 5 currently sold, with the first deliveries for the start of the season this year. It is expected that some potential customers will await the experience of these first full commercial applications.

Theoretical share price of SEK 3,44

Ekobot’s positive expectations in their 2023 targets are positive for the share price, while the issue at a 52% discount drags down the share price. The theoretical share price is SEK 3.422, but the positive expectations for 2023 will probably pull the share price higher – especially if the issue is fully subscribed.

In addition to the SEK 21 million, Ekobot is entitled to an overallotment (additional sale of shares) of up to SEK 5.4 million if the issue is fully subscribed. We have not included this option in the calculation of the theoretical price.

Price development of Ekobot 1 year vs. Kapital Partner Nordic Growth Exchanges (KPNGX)

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