I would say that from an acquisition perspective, there are two problems:
-
As the previous poster noted, a buyer would rather pay a premium for a “de-risked” situation where the product’s commercial success has been proven, than a slightly lower price for potential that is waiting to be realized and which might still require further financing after the deal.
-
Optomed has a very, very fragmented ownership structure, and among the larger shareholders, few would likely be “in the green” even if the purchase price was +100% of today’s valuation. Therefore, there are significant risks to completing a transaction simply from the perspective of offer acceptance.
As I see it, the company has been funded with 65 million euros over its history, while its market cap is currently 31 million. If the business were at a level that justified, for example, a 100 million valuation, the prerequisites for a deal would be significantly higher than they are now. However, there is an extremely long way to go at the current level of performance, and I do not believe this will change under the current management.