Västra Hamnen Corp. Finance

• Promising prospects for Digital Cash in India
• TO10 subscription in February at SEK 0.58 per share
• We have adjusted the fair value to SEK 5.88 (7.42) per share

Following our last comment, we still await Crunchfish’s commercial breakthrough. The company is in discussions with several Indian counterparties, including the Reserve Bank of India (RBI), the National Payments Corporation of India, major banks and digital wallet providers. The RBI is currently upgrading the Digital Rupee to a value-based token system, starting with online payments. We believe the discussions will advance once the parties start to focus on the offline part of the upgrade. According to the report, this will take place in Q2. This has led us to lower our sales forecast near-term, leading to an adjustment of our fair value to SEK 5.88 (7.42) per share.

The full report is available here.