Analysfirman Redeye has halved the reasonable value of the Fingerprint Cards share, sek 58 in its central scenario (120), and has a new responsible analyst in his coverage of the Fingerprint.
It is clear from an analysis published on Friday evening.
Viktor Westman, who also previously has been covering the Fingerprint on the Redeye, now takes over as the responsible analyst for FPC-monitoring of Redeye.
In the new analysis reduced the whole range of the reasonable value. Redeye’s reasonable value in the bear case is lowered to sek 22 per share (36) and in the bull case to sek 125 (213).
Redeye believes that the recent problems with the changes in the FPC’s market, inventory buildup, and that the tier 2 and tier 3 players are taking market is transient. The conclusion is thus that these problems are short-term and that the trading price probably is an overreaction, called it in the analysis.
In relation to the downward pressure on the FPC-the share price indicates the new valuation as an attractive risk/return profile, named it in the analysis.
Redeye points out, however, that the Fingerprint Cards are inside a crisis of confidence.
”Numbers that are better than konsensusförväntningarna it is necessary to break the negative spiral of the share price,” writes Redeye expect that the Fingerprint Cards the figures for the fourth quarter of 2017 will exceed analysts ‘ snittförväntningar.
The lower the valuation , reference is made to a large extent to a reduction in Redeye’s Rating. In the analysis explains the Redeye that it is partly related to the problems of the past in the business, and lower profitability, but also to several people in the leading position on the FPC is new.
Redeye has also adopted a more cautious view on when the new verticals can start to provide effect and lowered their expectations for Fingerprint Cars gross margin.
Furthermore, the Redeye it likely that FPC shares will leave the Large Cap index on the stockholm stock exchange, in view of the current market value, which can come to constitute a pressure on the stock.
Redeye also describes the FPC’s liquidity as a matter of concern in the stock market.
”The stock market seems to interpret the revocation of the dividend as a sign that a dilutive fundraising will be needed to finance the purchase of the Delta ID,” writes the Redeye.
Tradingportalen/Agency Directly.
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