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.
