Anoto: Time to play offense
The largest as well as the most positive surprise in Anoto’s Q1 report was of course the positive operating cash flow of SEK 0. 3 million (SEKm -16 unadjusted for working capital effects). We assume there are still plenty of savings from the restructuring left to affect H2’17 as the number of employees went from 182 to 78 people at the end of Q1’17 and now in the ending of Q2 amounts to about 40. In Anoto’s own words it is now time to play offense.
Shares are up 60 percent during the last three months. We have not yet changed our view of the value of the company though. However, as for the price of the shares we see possible further price appreciation prior and subsequent to the break-even figures in H2’17, given the wow factor in turning to profit after 20 years of losses.
