Redeye provides an update in relation to SenzaGen’s H1 2023 report. The results were slightly lower than expected, with sales of SEK23.6m, EBITDA of SEK-6.8m, and EBIT of SEK-12.5m. However, the company continues to grow with a larger customer base and expectations of increased interest during the second half of the year. Because of yesterday’s report, we decrease our H2 2023e and 2024e sales estimates and make some minor OPEX estimate changes. The changes do not render in an updated fair value range with a base case of SEK21.

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SenzaGen H1 2023 - Increased customer base

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