%3Aformat(webp)&w=3840&q=75)
Västra Hamnen Corporate Finance
Capital Markets Transactions and M&As
Recent research
%3Aformat(webp)&w=3840&q=75)
Gabather: Starting phase II clinical trial
Gabather has announced the initiation of the TOTEMS study, a phase II clinical trial evaluating the drug candidate GT-002 in patients with schizophrenia spectrum disorders. The study is conducted at the Center for Neuropsychiatric Schizophrenia Research (CNSR) at the Copenhagen University Hospital. Positive preliminary results would be a great boon to the investment case, for now we wait patiently.
%3Aformat(webp)&w=3840&q=75)
Advenica: Filling the pipeline
Advenica's Q1-report showed disappointing product sales, leading to a lukewarm quarter as a whole. Revenue landed at MSEK 39 versus MSEK 58 a year ago. Despite the report not being too exciting, the contracts entered in April certainly are. The company secured over MSEK 300 in multi-year contracts with Swedish authorities, including its largest deal ever at MSEK 230. New product launches have also broadened the portfolio. We increase our revenue forecasts leading to a revised fair value of SEK 23 per share.
%3Aformat(webp)&w=3840&q=75)
Precise Biometrics: Merger with Fingerprint Cards
Precise Biometrics (Precise) and Fingerprint Cards (FPC) recently announced a merger of equals, aiming to create a global leader in biometric solutions. The current market cap of FPC amounts to approximately MSEK 112, whereas Precise’s market cap is around MSEK 145. In a recent video interview, Precise’s CEO, Joakim Nydemark, talked about FPC, the time plan and the benefits of the proposal. Our coverage of Precise will continue. Awaiting the outcome of the merger proposition, we will follow-up the Q1 report due May 13. We keep our fair value per share of SEK 4.89.
%3Aformat(webp)&w=3840&q=75)
aXichem: A new spice in milk production
We have now updated our model of aXichem after the completed share issue and based on the year-end report for 2025. Our positive view of the company's growth opportunities going forward remains, even though we have now adjusted our forecasts downwards. The product registration for dairy cows obtained in March opens up new opportunities in the country. However, we do not include this potential in our model until a concrete agreement has been presented. We believe that aXivite will account for the largest share of sales in 2026, but we predict a shift in the coming year. Our forecast also includes margin improvements for aXiphen as volumes pick up. Our model now arrives at a fair value of SEK 3.07 (4.26) per share.
%3Aformat(webp)&w=3840&q=75)
%3Aformat(webp)&w=3840&q=75){kind=logo}
%3Aformat(webp)&w=3840&q=75)
%3Aformat(webp)&w=3840&q=75)
%3Aformat(webp)&w=3840&q=75)
%3Aformat(webp)&w=3840&q=75)
%3Aformat(webp)&w=3840&q=75)
%3Aformat(webp)&w=3840&q=75)
%3Aformat(webp)&w=3840&q=75)
%3Aformat(webp)&w=3840&q=75)
%3Aformat(webp)&w=3840&q=75)
Market Focus
Market focus is our service for stock analysis of small and medium-sized listed companies. The service contributes to increased turnover in the share by increasing investors' awareness of the company and attention to current events. All our analyses are listed below.
Market Focus
Register for Market Focus updates
About us
We help our customers grow
Västra Hamnen Corporate Finance is an independent securities company that provides advice in connection with corporate transactions.
%3Aformat(webp)&w=3840&q=75)
"We love small companies and do our best every day to be their first choice in connection with listing processes and capitalizations."