• Strategy shift from products to platforms
• Blippit investment written down to zero
• We maintain our valuation interval of SEK 41.60 – 66.20 SEK per share

Crunchfish’s full year report for 2021 details the strategy shift that has been implemented at the company during the past year. The scope of business in both Digital Cash and Gesture Interaction has been widened from products to platforms, and with that comes more possible use cases. The main surprise in the report was the complete write-down on the company’s holdings in the joint venture Blippit. The operating costs were somewhat below our estimate for Q4, but otherwise the financials were as expected. We maintain our valuation interval unchanged for now, but we realise that our DCF model needs an overhaul in the not-too-distant future.

The full report is available here.