Reply To: VISTIN

Home Forums Discover Stocks VISTIN Reply To: VISTIN




Vistin presented Q4 last week, 19th of Feb. Here are some key takeaways from the report and earnings call:

·       Q4 revenue increase to MNOK 64,4 (12,7% y-o-y) driven by product mix and favorable fx

·       Gross margin of 78% in Q4 (67-68% in the last four Q) positively affected by inventory revaluation of MNOK 2,5

·       In Sept/Oct a new 2nd reactor was successfully installed, and new capacity is approx. 3.800MT

·       Cash balance of MNOK 77 and no interest bearing-debt

– Approx. MNOK 35 of 100 for MEP is paid

·       Dividend proposal of NOK 0,5 / share for 2020

·       Production has been sold out in 2020 and also for 2021

·       Planned production stop in Q1 2022 due to installation of new production line

·       Expect approx. 5000MT of production in 2022 before reaching new capacity of 7000MT for the full year of 2023

– 2020: 3360

– 2021E: 3800 (+13% y-o-y)

– 2022E: 5000 (+32%)

– 2023E: 7000 (+40%)

·       CEO confirms that there is possible to increase production further > 7000MT, by installing a new reactor on the new production line (like they did on the existing prod. line in Q4)

·       On the possibility of production of other products the CEO says “time will show”


Vistin delivered yet another solid quarter and unexpectedly proposed a dividend of NOK 0,5. Most important, they are delivering according to previously communicated timeline.