Redeye returns with an update on Binero following its acquisition of Hibox and the outcome of the rights issue that was subscribed to 95%. We find Hibox as a good match for Binero, and we raise our EBITDA forecast by 10-15% for the coming two years. While we are optimistic about the acquisition as a whole, we adjust our fair value range based on the dilutive effects from the equity raise.

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