Here is a company report on Martela from Thomas following the Q4 results 
In the big picture, Martela’s Q4 figures were unsurprising following the updated guidance in December. Due to the weak order intake in H2, the outlook for the current year is challenging, and the company guided for declining revenue. Given the weak earnings performance and tight balance sheet position, Martela’s investment story relies on a rapid recovery of the industry or competitors withdrawing from the sector. However, there are no clear signs of either so far, which casts a shadow over the investment story. We reiterate our sell recommendation and update our target price to EUR 0.4 (prev. EUR 0.5).