We believe that Bio-Works is now entering a new era as a professionally structured commercial player due to the following recent advancements; i) consecutive quarterly customer growth; ii) fast traction in the important Protein A segment shortly post launch of the product WorkBeads affimAb; and iii) activist-like investments by the new owners and board members Peter Ehrenheim (Chairman) and Thomas Eklund (Director), holding a total of 17% together with a group of similar investors. These seasoned investors bring significant industry-specific know-how and proven track records from GE Healthcare, Biotage, and Investor Growth Capital, among others. We argue that the market at this point in time should base its view and valuation of Bio-Works on its growing customer base, which in a few years will translate into recurring cash flows as the customers progress through the scale-up process. Going forward, we expect that a continued high customer growth will be one of the major drivers of the stock price. The company’s recent progress motivates, in our view, a re-evaluation of the company. We maintain the Outperform rating and raise the target price to SEK 15.8, equal to an equity value of SEK 482m non-diluted, based on a mix of DCF valuation and peer analysis.
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