Kasper has published a new company report on Springvest following H2. 
Springvest’s end of the year was reasonably good in terms of capital raised, and the outlook for growth financing has remained at least decent. On the other hand, the hype surrounding Donut Lab has largely been deflated from the share price, so we view the current valuation as quite neutral relative to the sum-of-the-parts. We reiterate our target price of EUR 9.5 and our Reduce recommendation.