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Västra Hamnen: Crunchfish - Business model firming up

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Västra Hamnen Corporate Finance has released a research update on Crunchfish following the company's report for Q1 2021. The company expands its geographic scope in CBDC to comprise the global market, a move we will follow with deep interest, writes Västra Hamnen.
 

  • Net result in Q1 in line with expectations
  • Global push to engage with central banks on CBDC
  • We maintain our fair value estimate of SEK 49.80 – 79.50 per share

The first quarter report from Crunchfish contained no big surprises. Revenues were slightly lower than our estimates but the net loss for the period was roughly in line. Content-wise, the report summarised ongoing activities in each of its main business areas. The report reveals beyond doubt that digital cash is the area that occupies most of the management’s time at present. The details of that business model are gradually becoming clearer, and it will be exciting to watch in the months ahead. The opportunities are vast, but still very difficult to translate into an exact valuation. For now, we keep our recently revised valuation interval SEK 49.80 – 79.50 per share. 

The full report is available here.

The research report is prepared as part of Market Focus, Västra Hamnen Corporate Finance's commissioned research offering.

This is a press release from Västra Hamnen Corporate Finance AB. 
Web: vhcorp.se
Twitter: @vhcorp_se

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