Ripasso Energy With or without Glencore
The Q1 report seemed like a non-event. The operating loss of cSEK8.4m was higher than we expected, mainly due to recent hiring. Additional cash on hand should last to end-2019 but we believe the company is likely to raise new cash in connection with a listing on a regulated market, potentially by Q3 2019. Following a change of analyst, we keep our fair value of SEK10–16 but have cut our 2019e EBIT on higher opex forecasts.Swedish Stirling AB, formerly Ripasso Energy AB, is a Sweden-based clean tech company active in the energy industry, which aims to convert heat energy to electricity. The company offers a variety of solutions enabling power generation. Its engine can handle a wide range of fuels, such as industrial residual and flare gases and convert them into electrical energy.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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