JonDeTech Sensors

Mangold is updating its view on JonDeTech Sensors (JonDeTech). Net sales amounted to approximately SEK 0.6 (0.0) million in the first quarter of 2024, compared with the same period last year. At the same time, the order book increased to SEK 2.1 million compared to the previous quarter of SEK 1.2 million. Mangold looks positive that sales are up and running. We expect a significant increase in sales volume with the launch of the JIRE10 in Q2 and JIRS30 in Q3.

JonDeTech's other costs decreased to SEK 8.5 (10.7) million in the first quarter compared to last year, corresponding to a decrease of 20 percent. In parallel, personnel costs decreased to SEK 2.5 (3.3) million, corresponding to a decrease of 25 percent. Mangold sees the combination of lower costs and increased sales as an indication that the company is on the right path. JonDeTech's cash amounted to SEK 9.3 million at the end of the first quarter. Given a successful outcome in TO3, JonDeTech is expected to have enough capital to make it to profitability by 2026. TO3 can raise a maximum of SEK 54.3 million before issue costs. Mangold is the financial advisor in the transaction.

Mangold has valued JonDeTech using a DCF model and the fair value amounts to SEK 0.101 per share. We choose to maintain the target price of SEK 0.10 per share, corresponding to an upside of more than 200 percent. Mangold assumes full dilution in the valuation.