Bactiguard: New deals needed to reignite the equity story - SEB

While we believe there are growth levers in the existing business, we think further license deals are needed to reignite the equity story. We reach 2030E sales of SEK 377m (organic CAGR of 11% from 2025). This estimate is based on current business with no new deals; new deals could move our estimate closer to Bactiguard’s target (SEK 600m). Flow through to profit from new license sales should be strong. EV/sales stands at 2.3-3x 2026E-28E.
Länk till analysen i sin helhet: https://research.sebgroup.com/corporate/reports/140629

