A share issue is certainly coming at some point, no one should be surprised by that anymore. Inderes also forecasts share issues of €20m for 2025-2026, of which €8m has now been completed on 28.5.
Otherwise, it’s a bit difficult to speculate on the valuation when I don’t know which software companies you are comparing it to. I do agree that the valuation cannot withstand revenue stagnation, even though some of it is due to a lack of scanners.