The stock is currently priced as if an asteroid were about to hit all the factories simultaneously. There is quite a bit of goodwill on the balance sheet, but, for instance, Piezomotor’s motors are used by all the major semiconductor manufacturers, and there doesn’t seem to be any substitute technology on the market. Similarly, Sensapex’s IVF micromanipulators are currently completely superior compared to manual IVF equipment. Conceivable’s Aura system is fully automated and four times cheaper for the customer; in addition, the piezo-ICSI method has delivered a 74.8% fertilization rate compared to 64.3% with conventional injection. The technology is already in use, and new customers are in the pipeline. These factors justify well why the value of the patent portfolio might warrant an unexpectedly high goodwill.
Throughout the entire year, significant growth investments have been made, and the company has suffered from overlapping wage costs. Now the company has communicated that due to strong demand, sales will need to be strengthened even further. The first half of 2027 (H1) looks promising if costs are kept under control in line with the CEO’s targets (the 2025 cost base minus SEK 10M in annual savings). Under these assumptions, the total cost savings of SEK 29.6M (SEK 24.6M baseline normalization + SEK 5.0M savings program) translate directly into a SEK 29.6M EBITDA improvement compared to H1/2026 (Q1+Q2), bringing the projected EBITDA for Q1+Q2 2027 to SEK 28.6M. For the full year 2027, this would represent a significant earnings leap.
Piezo Motor
- Growth: The business is growing strongly, confirmed at over 50% per year. Growth is expected to continue, with more than 20 new customers gained per quarter.
- Profitability: Product prices are being raised across all segments to improve gross margins. The strong growth of piezo motors acts as an “earnings engine” capable of generating significant EBITDA growth quarter over quarter on its own.
- Outlook: Serves as a key driver for the company’s earnings growth.
Sensapex
- Headcount and Sales: Additional staff have been hired as part of group-wide growth investments. Hiring a new sales professional is expected to bring immediate revenue growth through off-the-shelf product sales.
- IVF Sector: Sensapex’s sales in the IVF (in vitro fertilization) sector hold enormous new potential. The sector is already utilizing Sensapex and piezo motor technology, providing a strong foundation for future growth in this specific market.
TPA Motion
- Headcount: As with Sensapex, headcount has also been added at TPA Motion to support growth.
- Certifications: Achieving the ISO 9001 certification is highlighted as a positive development. This is particularly significant because it is expected to considerably speed up obtaining the much more demanding AS9100 certification required in the aerospace and defense industry, which could unlock new markets.