Here is a new company report from Tommi on Betolar after H2. 
Betolar’s financial statements release was somewhat neutral relative to our expectations, as the forecast lines fell slightly short of our estimates, but the guidance pointed toward significant growth. We lowered our revenue forecasts, but we still expect clear growth in the coming years, supported by metal separation technology. The company’s risk level remains very high regarding the balance sheet, forecasts, and valuation. Thus, despite the potential long-term growth story, we see the risk-reward ratio as lackluster. We reiterate our Reduce recommendation and target price of EUR 1.3.