• Revenues in Q4 missed our estimate due to lagging royalty income
• Other business areas compensated, yielding a more diversified sales mix
• We maintain our valuation interval of SEK 46.60 – 62.80 per share

Magle Chemoswed’s full year report revealed somewhat lower Q4 revenues and profits compared to our forecast. The reason is found in still subdued royalty fees from Arista in the US, otherwise the business is performing according to our expectations. The focus for 2022 is primarily on the launch of new products from the company’s proprietary technology platform, known as DSM products since they are based on so-called degradable starch microspheres. We expect sales of these products to accelerate during the year. For now, we keep our valuation interval unchanged at SEK 46.60 – 62.80 per share.

The full report is available here.