Västra Hamnen Corp. Finance

Crunchfish: A reassessment of assumptions

  • Anticipated further progress towards market implementation in India
  • We revie expected roll-out and risk adjustments for Digital Cash
  • Our revised model implies a fair valuation of SEK 51.70 per share

Crunchfish’s report for Q4 2022 is yet another showcase of continued technical improvements, especially within Digital Cash. The company is approaching market implementation in India where Digital Cash Offline offers unique selling points. Crunchfish’s recent communication has clarified how the sales model is likely to operate in terms of pricing structure. The clarification has led us to revise our forecast, where we have implemented new growth estimates with specific regional drivers. Our new forecast and updated assessment of the company’s risk has resulted in a fair value of SEK 51.70 per share.

The full report is available here.

Datum 2023-02-23, kl 08:30
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