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Third party research

Bioextrax: Exiting times ahead - VH Corp

Bioextrax

This is a third party research report and does not necessarily reflect our views or values

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* Scale-up facility is expected to be fully operational in Q2 2023
* Signing MOU and binding term sheet with new partners
* Our model implies a fair valuation of SEK 10.5 per share

In the first quarter of 2023, Bioextrax reported stronger revenues and higher
operating costs than expected which was largely a result of new orders from
both existing and new customers. The company has made progress in its primary
business area of focus, PHA, with developments in several customer projects.
Additionally, the company has signed both a memorandum of understanding and a
binding term sheet with two new partners. The company’s progress resulted in
minor changes in our model, and we maintain the fair value of SEK 10.5 per
share.
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