Tommi has prepared a new company report following Betolar’s Q1. 
Betolar’s Q1 report fell short of our expectations regarding order intake, which led us to lower our current year forecasts. In our opinion, a new metal separation method has emerged as the core of the investment story, and its economic potential seems significant. However, the path to becoming a commercial product is still long. Although we raised our medium-term forecasts, in light of current information, we are not ready to lean more heavily on this potential, but rather await more detailed information on the subject from Betolar’s Capital Markets Day. Reflecting the forecast changes, we raise our target price to 1.2 euros and reiterate our reduce recommendation.