It’s smart to get “easy” money when it seems to be available. That’s why the subscription price isn’t fixed, because with good luck, high interest would bring more money into the house. However, I personally decided to skip it.
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This is a genuinely interesting company with what seems to be a lot of potential. Looking at the numbers, one certainly wouldn’t want to invest their money in this, but the results shown so far are enough for me. The anchor investors also strengthen my belief in this being a good long-term investment.
Definitely moving forward, I’ll subscribe for the maximum and buy a little more on December 10th. After all, only crumbs are left from the offering.
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Let’s put the allocation information here as has been customary…
Final subscription price for the public and institutions €5.01, for staff €4.51.
Allocation 100 shares + approximately 34% over what was subscribed. Staff received everything they subscribed for.
You would have gotten a fair amount of these compared to many other IPOs. I skipped it myself.
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Good news!
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More good news:
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Kappas, tj made small acquisitions, hardly any special significance.
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Hi and happy Midsummer to the Aiforia thread! 
@Frans-Mikael_Rostedt and I have just started monitoring Aiforia – you can read the initiation of coverage report from the link below 
In our opinion, Aiforia’s investment story is very interesting. The market for pathology image recognition is forming into one with great potential, where we see Aiforia having a seemingly good competitive position based on initial signs 
however, predictability is still very weak, and significant risks are associated with the success of the growth story.
In valuation, purely relying on future potential, we could very well justify a valuation level corresponding to the current level. However, in the current valuation environment, it is difficult to lean heavily on this, as we see the market’s readiness to price future promises through long-term potential as weak at the moment. Growth in Aiforia’s numbers will only become more apparent in 2023-2024, when visibility into the company’s growth and its ability to grow key accounts to a significant scale begins to improve. In the short term, we find it difficult to see sufficient short-term drivers to justify the current valuation level, which is why we are starting with a cautious recommendation.
We went through our view with Kaisa in a video, which should be ready from the editing table on Monday.
At this point, I’m heading off to celebrate Midsummer, but please feel free to ask questions if they come to mind, and I’ll get back to them early next week 
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Thanks @Antti_Luiro and @Frans-Mikael_Rostedt for the comprehensive report! Special mention and praise for including this in the report:
This surely illustrates the risk level of the investment exceptionally well for the average investor and how sensitive the “fair price” is to these changes (WACC and future cash flows). As you well pointed out, an exceptionally high expected return is necessary for investments of this kind. It quickly becomes clear that the current market value is relatively tight, and thus your recommendation is completely justified.
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A bit concerned about the Aiforia stock trades where only 2-3 shares change hands during the day, causing a nice 5-7% price jump. This has happened on three separate days over the past couple of weeks. I’m quite a dilettante (novice) in stock market maneuvers, but I wonder if there’s a technical reason behind this, or if some party might be trying to artificially inflate daily closing prices with such trivial purchases. And why on earth would they do that?
This same phenomenon is even more pronounced in Fifax’s stock.
Inderes’ commendable and interesting analysis of Aiforia listed key players in the competitive landscape. It might be good to supplement this by noting that there are also collaborative tools, i.e., open-source software, for analyzing pathological tissue samples. Of course, it is difficult to assess their significance in terms of competition, but in any case, it is good to be aware of them for the overall picture.
Several open-source analysis software are involved in the digital pathology competition: Digital Slide Archive (DSA), Quantitative Pathology & Bioimage Analysis (QuPath), Orbit Image Analysis, and Cytomine.
I picked these out from an article that also discusses Aiforia’s industry technology quite precisely, for the information of those interested.
Guerrero et al: Software tools and platforms in Digital Pathology: a review for clinicians and computer scientists. Journal of Pathology Informatics 2022
https://www.sciencedirect.com/science/article/pii/S2153353922006976
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Here’s an updated report and front-page morning comment on Aiforia in connection with the H1 report
Growth is indeed progressing very well, and the report & CEO Jukka’s messages about the company’s progress were pleasing. The Mayo Clinic customer relationship seems to be advancing, and the customer list has recently gained two new major clinical clients in the United States, albeit with smaller-scale agreements at this stage. Despite these advances, there is still significant uncertainty regarding the growth coefficient: to what extent can Mayo Clinic be scaled as a client, will other clients also be expanded to a similar size, and will customer acquisition continue on its current strong path? There are good preliminary signs in the air, and I believe good signs will continue to surface, but in the current market sentiment, we see that this longer-term potential still provides weak short-term support for the valuation.
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Stock Investor’s Week September 13, 2022 - Aiforia as an investment:
A very interesting company/business and a very professional CEO.
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In the latest issue of Lääkärilehti (Finnish Medical Journal), there’s a 3-4 page article on pathology and AI. They certainly see potential, but the article remains quite superficial; Aiforia was not mentioned.
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Steven Lynum, CEO of Aiforia partner and investor Epredia, is visiting Finland. We caught up with Steven to discuss the current state of the digital pathology market and filmed a video (in English) at the same time:
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@Antti_Luiro interviewed CEO Jukka Tapaninen.
Topics:
00:00 Introduction
00:21 Autumn events
01:00 Customers
05:29 Customer discussions
07:27 Impacts of economic uncertainties
08:07 Focus
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@Antti_Luiro and @Frans-Mikael_Rostedt have joyfully completed Aiforia’s company report on Friday evening.
Aiforia’s significant customer projects and sales appear to have progressed better overall in recent months than our previous expectations, based on the comments given in the company’s interview. We slightly raised our growth forecasts for 2022-2023. We see the company having the prerequisites for significant growth, although visibility into the speed and success of growth remains unclear. Aiforia’s valuation is very imprecise, but with the methods available, the stock’s pricing still looks cautiously attractive. With interest rates having risen significantly since our last update and a lack of short-term support points (22-23e EV/S 34-19x), we still see a bit too many risks at the current price for the company’s valuation multiples to decline.
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Aiforia will be participating in next Tuesday’s Health Technology & Pharmaceutical Developer Night. You can ask questions during the event via the chat, but you can also leave questions here. I will try to include them in the Q&A session as much as possible. The event will be held in English, but questions in Finnish are also welcome.
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