Västra Hamnen Corp. Finance

• Increasing demand for handheld Raman spectrometers

• Reaching EBITDA profitability in 2023

• We initiate coverage with a fair value of SEK 1.79 per share

Serstech provides handheld solutions to security customers for identifying chemicals. The device and software can quickly and accurately identify hazardous chemicals, narcotics, explosives, chemical warfare agents and industrial chemicals. The technology is based on Raman spectrometry, an established method for identifying chemicals. Serstech operates globally on a market estimated to SEK 1.7 billion in 2023, growing by 7.5 per cent yearly. We initiate coverage with a fair value of SEK 1.79 per share.

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