INITIATION OF COVERAGE 06.03.2018

Our 2017-2021F forecast takes into account the future sector’s dynamics. Moreover, we base our 2017-2022F forecast on the following main assumptions: 1) internal growth, 2) develop/acquire new machinery and technology able to produce a new technology, 3) increase the share of sales abroad, 4) new on-line technical platform and trial software, 5) joint-ventures and agreements.

The resulting equity value equals to €26,2 mln, hence €3,6 per share. Risk is MEDIUM and rating is BUY.

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