Swedish Stirling Financing need in the spotlight
The Q2 report was rather uneventful but the shares traded down some 12% on the greater likelihood of a share issue. In our view the key takeaways from the report were: 1) commercial proof of the PWR BLOK is delayed into H2 2019, 2) the company is considering a target issue to deliver on growth prospects and allow for institutional investors, and, 3) the company seems confident about closing additional orders following the Glencore deal. Following higher likelihood of a capital injections and an increased risk premium, we have lowered our fair value to SEK9–15 (SEK10–16).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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