{"id":12471,"date":"2021-08-19T08:00:00","date_gmt":"2021-08-19T06:00:00","guid":{"rendered":"https:\/\/www.emergers.se\/?p=12471"},"modified":"2021-08-19T09:02:05","modified_gmt":"2021-08-19T07:02:05","slug":"stirling_i","status":"publish","type":"post","link":"https:\/\/dev.emergers.se\/en\/stirling_i\/","title":{"rendered":"Swedish Stirling laddar f\u00f6r uppskalning enligt plan"},"content":{"rendered":"
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\n\t\t\t\tMed f\u00f6rsta enheten av tredje generationens PWR BLOK skeppad till Sydafrika f\u00f6r tester redan i maj v\u00e4ntar nu en uppskalning av produktionen under h\u00f6sten och leveransstart av Glencores 25 enheter under 2022. \u00c4ven om v\u00e5rens f\u00f6rst\u00e4rkning av kassan p\u00e5 225 MSEK minskat trycket att hitta en finansieringspartner f\u00f6r utrullningen s\u00e5 ser vi det, tillsammans med fasta avtal med de tv\u00e5 \u00e5terst\u00e5ende ferrokromproducenterna i Sydafrika och n\u00e4sta steg med SMS Group som de viktigaste triggersen fram\u00f6ver. Med f\u00f6rv\u00e4ntan om ett positivt nyhetsfl\u00f6de fram\u00f6ver forts\u00e4tter vi se ett motiverat v\u00e4rde p\u00e5 26-36 SEK p\u00e5 18-24 m\u00e5n sikt.\n<\/strong>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\nReport:<\/strong> Johan Widmark | Date:<\/strong> 2021-08-19\u00a0| Denna uppdragsanalys \u00e4r enbart i informationssyfte. Analysen \u00e4r inte investeringsr\u00e5dgivning och detta \u00e4r inte ett erbjudande om att k\u00f6pa aktier. F\u00f6r mer information, se disclaimer p\u00e5 emergers.se.<\/span>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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\n\t\t\t\n\t\t\t\t\t\t\n\t\t\t\t\t\tL\u00c4S ANALYSEN I PDF H\u00c4R <\/span>\n\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Laddar f\u00f6r uppskalning enligt plan<\/h5>

Trots en viss radiotystnad fr\u00e5n bolaget \u00f6ver sommaren, efter en h\u00e4ndelserik v\u00e5r, forts\u00e4tter Swedish Stirling bygga upp sin kapacitet f\u00f6r kommande storleveranser, d\u00e4r organisationen i Sydafrika nu uppg\u00e5r till 13 personer och forts\u00e4tter v\u00e4xa. I Sverige har Christian Nilsson rekryterats som ny CTO, men trots att de aktiverade utvecklingskostnaderna kan f\u00f6rv\u00e4ntas minska fram\u00f6ver kommer han inte till ett dukat bord, utan kommer spela en viktig roll b\u00e5de i uppskalningen av volymerna och f\u00f6r kvalitetss\u00e4kringen, p\u00e5 samma s\u00e4tt som i sin tidigare roll p\u00e5 Volvo Penta.<\/p>

Minskat tryck p\u00e5 fortsatt finansiering<\/h5>

Parallellt med det interna arbetet forts\u00e4tter inf\u00f6rs\u00e4ljningen till de tv\u00e5 \u00e5terst\u00e5ende ferrokromproducenterna, s\u00e5v\u00e4l som arbetet att finna avtal med finansieringspartners. Med v\u00e5rens emission p\u00e5 225 MSEK har bolaget undanr\u00f6jt en hel del os\u00e4kerhet d\u00e5 man nu har musklerna att p\u00e5b\u00f6rja utrullningen p\u00e5 egen hand, \u00e4ven om en optimerad kapitalstruktur p\u00e5kallar avtal med n\u00e5gon extern part. Med ett uppl\u00e4gg med en eller tv\u00e5 av de finansieringspartners man nu f\u00f6rhandlar med v\u00e4ntas den digra kassan r\u00e4cka hela v\u00e4gen f\u00f6r utrullning av de 241 PWR BLOK som ligger p\u00e5 bordet i Sydafrika<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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L\u00e4s v\u00e5r tidigare analys p\u00e5 Swedish Stirling h\u00e4r\u00a0<\/span><\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Starkt st\u00f6d f\u00f6r h\u00f6g omv\u00e4rderingspotential<\/h5>

V\u00e5r tidigare ber\u00e4kning av Glencoreavtalet (se v\u00e5r analys\u00a0Islossning med prestigekund banar v\u00e4g f\u00f6r utrullning<\/a>) visade p\u00e5 ett diskonterat nuv\u00e4rde inkl. optionen om sju \u00e5rs f\u00f6rl\u00e4ngning p\u00e5 12 MSEK per PWR BLOK, vilket extrapolerat till samtliga 241 enheter man tecknat avsiktsf\u00f6rklaringar om skulle motsvara ett v\u00e4rde p\u00e5 2,9 mdr SEK, eller 23 SEK per aktie, utan h\u00e4nsyn till varken fallande produktionskostnader vid h\u00f6gre volymer eller n\u00e5gon ytterligare potential utanf\u00f6r dessa tre av avsiktsf\u00f6rklaringar. Med f\u00f6rv\u00e4ntan om ett fortsatt positivt nyhetsfl\u00f6de, \u00f6kad uppm\u00e4rksamhet p\u00e5 bolaget efter flytten till Nasdaq main market, ytterligare tv\u00e5 kontrakt i Sydafrika och ett f\u00f6rsta pilotprojekt med SMS Group i pipeline, forts\u00e4tter vi se ett motiverat v\u00e4rde p\u00e5 26-36 SEK p\u00e5 18-24 m\u00e5n sikt.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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\n\t\t\t\n\t\t\t\t\t\t\n\t\t\t\t\t\tL\u00c4S ANALYSEN I PDF H\u00c4R <\/span>\n\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Johan Widmark | Tel: 0739196641 | Mail: johan@emergers.se<\/a><\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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\n\t\t\t\tDISCLAIMER<\/strong>\nInformation provided here or on Emergers' website emergers.se is not intended to be financial advice. Emergers receives compensation for writing about the company in question. The company has been given the opportunity to influence factual statements before publication, but forecasts, conclusions and valuation reasoning are Emergers' own. To avoid conflicts of interest, Emergers' writers have no holdings in the listed companies we write about. Articles of analysis shall not be construed as a recommendation or solicitation to invest in the companies described. Emergers cannot guarantee that the conclusions presented in the analysis will be met. Emergers cannot be held liable for either direct or indirect damages caused by decisions made on the basis of information in this analysis. Investors are encouraged to seek additional information as well as consult a financial advisor prior to any investment decision. For more information and complete terms, please see emergers.se.<\/span> here<\/a>.\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Med f\u00f6rsta enheten av tredje generationens PWR BLOK skeppad till Sydafrika f\u00f6r tester redan i maj v\u00e4ntar nu en uppskalning av produktionen under h\u00f6sten och leveransstart av Glencores 25 enheter under 2022. \u00c4ven om v\u00e5rens f\u00f6rst\u00e4rkning av kassan p\u00e5 225 MSEK minskat trycket att hitta en finansieringspartner f\u00f6r utrullningen s\u00e5 ser vi det, tillsammans med …<\/p>\n<\/div>","protected":false},"author":1,"featured_media":12567,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"spay_email":""},"categories":[39],"tags":[43,35],"jetpack_featured_media_url":"https:\/\/dev.emergers.se\/wp-content\/uploads\/2020\/08\/Gunnar-i-PWR-BLOK.jpg","_links":{"self":[{"href":"https:\/\/dev.emergers.se\/en\/wp-json\/wp\/v2\/posts\/12471"}],"collection":[{"href":"https:\/\/dev.emergers.se\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dev.emergers.se\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dev.emergers.se\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dev.emergers.se\/en\/wp-json\/wp\/v2\/comments?post=12471"}],"version-history":[{"count":48,"href":"https:\/\/dev.emergers.se\/en\/wp-json\/wp\/v2\/posts\/12471\/revisions"}],"predecessor-version":[{"id":12574,"href":"https:\/\/dev.emergers.se\/en\/wp-json\/wp\/v2\/posts\/12471\/revisions\/12574"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dev.emergers.se\/en\/wp-json\/wp\/v2\/media\/12567"}],"wp:attachment":[{"href":"https:\/\/dev.emergers.se\/en\/wp-json\/wp\/v2\/media?parent=12471"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dev.emergers.se\/en\/wp-json\/wp\/v2\/categories?post=12471"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dev.emergers.se\/en\/wp-json\/wp\/v2\/tags?post=12471"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}