Fluicell offers innovative R&D instruments for single-cell analysis and 3D bioprinting, a business area which we forecast will enter a fast-growth pace, where a revenue of SEK 68.6m is estimated for the year 2026. Based on an applied P/S-multiple of 5.5x on estimated revenues and a discount rate of 12%, this yields a net present value per share today of SEK 9.8 in a Base scenario. Furthermore, Fluicell is developing tissue engineered products, targeting diseases such as cardiac repair, diabetes, and eye disorders, which could constitute as strong value drivers ahead. For illustration, if Fluicell were to receive only 0.5% of the total venture funding raised in 2020/2021 related to their focus areas as an upfront payment through a licensing deal, that would amount to ~USD 10m. In conclusion, we see several tailwinds driving value for Fluicell, and where steps in the right direction should reduce the current valuation discount.