NuWays on näköjään päivittänyt jo 12.12.2025 eli sen 4meur suunnatun annin jälkeen näkemystään, ja nostanut tavoitehintaa perustuen kustannusleikkauksiin.
3,5 (Osta) ->3,8 eur & (Osta)
Pitäisi kuitenkin kasvaa…
1h2025 ankeutta selittää Research -16%, kun Clinical kasvoi muikeat 66%. Pikkuluvuissa muutokset isoja.
2h2025 siis pitäisi nähdä kasvua…
Liekö sitten saatu kunnolla aikaan, sen näemme valitettavasti vasta 11.3. jolloin 2h2025 alusta on jo yli 250 päivää… Ja tuoreinkin data yli 70 päivää vanhaa. Hohhoijaa. 2 x vuosi raportointia saisi kyllä täydentää jollain raportoinnilla kuten edes myynti.
Given the company’s cash burn rate, which is largely being spend on sales, the company is expected to deliver strong growth figures in H2 2025, demonstrating that the commercialisation and scale period of the business is clearly underway.
In that respect we view the results of H2 2025 as a pivot point. In H1 2025, the company grew a timid 2% yoy, which in our view has largely contributed to the recent share price weakness. In must be highlighted however, that this performance was largely due to the weak performance of the Research segment. During the same time, Clinical, which is the scalable part of the business, grew by 60%. For FY25e, we model 66% growth in the Clinical segment compared to a 16% sales decline of the Research segment, which would translate to an aggregate yearly growth of 25%, eNuW.
Management clearly views the years 2026-28e as hyperscale years for Aiforia, translating into a CAGR of 65.4% for 2026-28e .