Mrkt BUZZ HANZA: Capital raise to support growth ambitions
17 Nov 2022
HANZA reports it has raised SEK 147m (of which SEK 10.5m is contingent on approval by an EGM) in a directed issue of 3.5m shares to Swedish and international investors as well as the largest owner Färna Invest. HANZA says it will use the net proceeds to increase production capacity in Sweden, Estonia, and Central Europe. The subscription price was SEK 42 per share, a 9.7 discount to yesterday’s closing price.
Last week HANZA reported of high order intake and revised its financial growth and profitability targets upwards in conjunction with the Q3, 2022 report. In October, the company also invested EUR 3.8m in property in Estonia to enable expansion of production close to the existing sheet metal and complex assembly facilities in Tartu. Clearly it sees good growth opportunities ahead and the capital raise increases flexibility for further investments in additional capacity already in the near term.
While the directed share issue entails a slight technical dilution, we reiterate our base case of SEK 57 per share for now based on HANZA’s proven track record in capital allocation.
Read our latest Research Update (14 November).
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