Anoto: A window of opportunity

Research Update

2016-02-16

13:56

Together with the Q4 report Anoto announced that it will acquire another 3 partners for a non-cash issue of Anoto shares worth SEKm 80. In the meantime, Surface Hub by Microsoft continues to struggle, providing Anoto and its large displays a window of opportunity, which Anoto is about to seize with its new Cima Nanotech partnership. Smaller displays also have a promising outlook as Microsoft is not selling pens to N-trig’s old customers anymore. The first large volume order confirming the potential is yet pending meaning the cash levels is at risk. With improved margins and sales from the acquisitions on one hand but dilution and lower Redeye Rating for ownership and financial stability on the other our new fair value range is SEK 0.57 – 2.0 SEK with a base case of SEK 0.78 (prev. SEK 0.6-2.0 & 0.8).

VW

Viktor Westman

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