Thomas has written a new company report on Solar Foods based on the H2 results 
In terms of the figures, Solar Foods’ earnings day did not offer any major surprises. However, the day solidified the key milestones for the current year toward the final investment decision for the industrial-scale Factory 02, which is critical for the investment case. The company has made good progress in lowering the risk profile of the investment case and making Factory 02 a reality, but at the current valuation, we believe the risks of the story still outweigh the potential. We reiterate our target price of EUR 5.3 and our Reduce recommendation.