Yesterday, a couple of announcements came from Rush Factory, which we commented on here:
No major surprises. From the shareholder’s perspective, however, it is a disappointment that, contrary to the preliminary schedule for the share exchange, the company prospectus describing the share exchange has not yet been published, so the progress of the arrangement seems to be lagging behind the preliminary schedule published in February.
Here are Thomas’s brief comments on Rush Factory selling its German subsidiary. 
EDIT:
Here are also some quick comments on the results:
Rush Factory’s H2 remained quiet as several events were cancelled due to the group’s financial challenges, and the company did not start advance sales for the next event season. From an investment story perspective, Rush Factory’s own figures are, however, completely secondary, as the share’s value relies on the conditional share exchange signed with Sunborn International Holding Oy. In its report, the company stated that it had agreed on financing arrangements to secure the group’s financial position until the extraordinary general meeting voting on the share exchange.
Here is another company report from Rush Factory.
Rush Factory’s H2 was quiet due to the cancellation of several events because of the group’s financial challenges, and the company did not start pre-sales for the next event season. From an investment story perspective, Rush Factory’s own figures play an insignificant role, as the share’s value relies on a conditional share exchange signed with Sunborn International Holding Oy (SBHI). Should the share exchange materialize, we expect the share price level to decline towards the exchange ratio of approximately 0.15 euros per share utilized in the transaction. We reiterate our sell recommendation, but we do not provide a target price for Rush Factory, as the share’s value relies on external factors.
Sunborn is establishing a joint venture around the Gibraltar yacht hotel, and here are Thomas’s comments on that as well:
The total value of the arrangement is EUR 155 million, and in connection with it, the Gibraltar yacht hotel would transfer to the ownership of a Singaporean joint venture, of which Sunborn International Holdings (SBIH) would own 42%. Through this arrangement, SBIH aims to strengthen its capital structure, repay a subsidiary’s EUR 58 million bond loan, and carry out basic refurbishment works on the vessel.
Here are Thomas’s concise comments on the company prospectus describing the share exchange between Rush Factory and Sunborn International Holding.
Announcement, check it out yourselves, I don’t have time to read it now : Finanssivalvonta on myöntänyt Sunborn Oy:lle ja Saga Palvelut Oy:lle poikkeusluvan arvopaperimarkkinalain 11 luvun 19 §:n mukaisesta tarjousvelvollisuudesta Rush Factory Oyj:n osalta | Kauppalehti
Inderes concludes its coverage of Rush Factory for a specific reason. Here is Thomas’s final company report on Rush Factory.
This avoided a repeat of Wetteri’s listing, where the CEO had to make a mandatory tender offer for all Soprano shares. It’s good that the exemption was granted, because a reverse listing almost automatically leads to exceeding the 30% ownership threshold and is no longer particularly sensible if the owner of the listed company has to buy out the shares in free float.
Tomorrow, trading in Sunborn shares will begin: Rush Factory Oyj ja Sunborn International Holding Oy toteuttavat osakevaihdon; kaupankäynti osakkeilla Nasdaq First North Growth Market Finland -markkinapaikalla alkaa 29.4.2025 | Kauppalehti
This reminds me, if you ever want to stay at Naantali Spa, you should join the Sunborn Club. The lifetime membership fee is 45 euros, and it gives you quite nice discounts on overnight stays and spa services: Sunborn Club -jäsenedut - Naantalin Kylpylä - Naantali Spa & Hotel
Discussion about this company has remained at the starting blocks since trading began. The stock initially fell significantly, but has rallied 143% over the last week. Does anyone have any information on what’s going on with the company?
Same story, what’s going on now. Is a share issue coming soon to raise money for hotels and hotel ships? The share is just a “ten-cent share” and today it dropped considerably. It rose from 3 -13.6 from 14 cents to 56 cents and today it’s only less than 29 cents. Many subscribers are needed for the issue if a few hundred million are raised. Surely, a shortcut to the stock exchange wouldn’t have been sought otherwise? Yesterday I tried to buy at 31 cents but luckily I didn’t get it. From the Savosolar - Summa adventure, 10k spare cash was left, and I wondered if there was any idea in this Sunborn. It seems that the same penniless ‘Summa-deferens’ types are also involved with the solvent Turku residents in this. Luckily only in the minority.
What is the opinion on Sunborn’s chances of success? The share price has fluctuated quite a lot during that time too.
Simula bought Soprano shares based on the announcement, rising to become a major owner of Soprano, most likely at a price of 0.82 euros per share, and it was precisely from this that the FSA managed to make its demanded redemption price of 0.82 mandatory.
Only in December were Wetteri’s shares traded. Both old Soprano shareholders and incoming Wetteri shareholders had the opportunity to sell to Simula’s 0.82 tender offer if they wished. The rest of the Active Owners group also came to obvious financial aid and did not demand their own shares to be bought, which would have led to an uncontrollable situation for everyone, with Simula being unable to secure financing for the redemption.
Good morning everyone! Let’s revive the thread again now that I’ve had time to get acquainted with the company and we’ve started coverage. 
In Sunborn International, it is critical to distinguish Sunborn International, which operates yacht hotels, from its main owner and significantly larger Sunborn Oy.
Sunborn International, which operates yacht hotels, currently has two destinations – the 138-room Sunborn London Yacht Hotel located in London’s Royal Docks and the 189-room five-star Sunborn Gibraltar. The London unit is a really good asset, but Gibraltar has clearly underperformed relative to its potential.
If one looks at our forecasts, the stock appears very expensive. In our opinion, the stock is indeed expensive, but not as expensive as one might think when valuing it relative to peers. Due to FAS reporting, comparing it to hotel industry peers is not entirely straightforward. In the valuation section, I have tried to go through possible pitfalls related to valuation, but perhaps most importantly, yacht hotels are not recorded at fair value, which results in a notably high depreciation level and the balance sheet’s equity being lower than reality.
In recent years, the company has developed a new yacht hotel model and identified several potential locations for its new vessels (most notably Vancouver and Seville), which means the company intends to invest significantly (160-170 million euros) in increasing room capacity in the coming years. However, a balance sheet operating with net debts of over 70 million euros does not provide the capabilities for this. Therefore, the conditional deal announced in March to sell the underperforming Gibraltar vessel is absolutely central to the investment story, as by selling a 58% ownership stake in the vessel, the company would free up 90 million euros in cash (yacht hotels retain their value surprisingly well!). According to the company, export financing guaranteed by export credit agencies is available for the construction of yacht hotels, the cost of which is significantly lower than the loan financing available to the company.
Interesting aspects of the story include affordable export financing, the mobility of yacht hotels, and a potential cost advantage, as the construction of yacht hotel rooms is, depending on the location, more affordable than hotel rooms, and the rental costs of ship berths are cheaper than hotel plots. However, evidence supporting the strengths of the story is only accumulating at this stage (excluding the well-performing London location).
Here are Thomas’s preliminary comments as Sunborn publishes its half-year review on Tuesday.
For those interested in Sunborn, you can also listen to Thomas’s thoughts in a video recorded today. And indeed, a half-year review is coming tomorrow, when an update on the conditional sale of the Gibraltar vessel is expected. 
“Sunborn International, which operates yacht hotels, is loaded with growth expectations, which is also reflected in the share’s valuation. The company’s operational profitability is at a good level, but a short-term liquidity risk lurks beneath the deck.”
Topics:
00:00 Introduction
00:31 Pioneer in floating structures
03:17 Who builds yacht hotels?
05:10 Development of London and Gibraltar yacht hotels
08:03 Key figures per room
09:12 New Evolution vessel series
10:53 Seasonality
11:40 Unique business model
13:31 Competitive advantages of yacht hotels
17:42 What kind of customer are yacht hotels aimed at?
19:45 Company’s growth targets
25:20 High level of financing costs
27:49 Current valuation prices in strong growth
Thanks @Sijoittaja-alokas and @Mikael_Maijala!
A note on Sunborn International’s interim report. I later added a note to the preliminary comment that due to the timing of the share exchange, the company’s official figures only cover the development of Sunborn International’s sub-groups for May-June, and therefore do not really have informational value. In the interim report, it is definitely worth focusing on the pro forma figures that cover the entire reporting period and are comparable, whose development we have tried to predict.
Here are Thomas’s quick comments on the morning’s results.
Here’s a long interview where Thomas interviewed Sunborn’s CEO Hans Niemi.
Topics:
00:19 CEO Hans Niemi
02:36 Sunborn International in brief
04:28 Overview of current projects
11:52 Gibraltar’s underperformance during the last years
15:47 Future development pipeline
21:27 Other floating properties
24:39 Financing growth investments
28:11 Sale of the Gibraltar yacht hotel
30:46 Interest in the London yacht hotel
34:14 Development in H1’25
39:58 Strong performance at Gibraltar
41:23 Comparing reported figures
43:54 Outlook
And here’s the company report on Sunborn after H1.
Sunborn International’s H1 report was a positive surprise due to the strong recovery of the Gibraltar business. In our view, the performance level and outlook for this business have improved compared to our previous expectations, which led to positive forecast changes.
Quoted from the report:
The strong H1 performance and improved outlook of the Gibraltar yacht hotel drove our forecast changes in connection with the report. The business seems to be recovering better than we expected, and additionally, the Gibraltar border agreement supports the business outlook for the next 12-18 months. Starting next year, this border agreement can both support the growth of Gibraltar’s revenue due to increased passenger flows and reduce operational costs as border crossing becomes easier.
I think Sunborn’s business idea is excellent. The Gibraltar hotel is clearly visible on hotels.com and gives a good impression of the destination. The London hotel, however, cannot be found on the same sites, but it can be found via Google. Joining a global chain could also improve market visibility.
Based on the pictures, the London hotel follows a basic British, slightly shabby style, unlike Gibraltar, which looks stylish like Cannes.
It’s good that the occupancy rate of the Gibraltar boat is increasing; it could certainly be towed elsewhere if portability is an advantage.
Would a share issue be a better solution for strengthening the balance sheet instead of selling assets?
Based on the interview, Sunborn has really ambitious plans to scale the business. A lot of funding is needed, perhaps hundreds of millions. It strongly resembles companies in the startup scene.
The PoC has been provided; now it’s time to find investors, as this won’t be brought to completion with just bonds.