Redeye initiates coverage of nanotechnology company Smoltek with a fair value of SEK 1.70 per share in the base case. The valuation range is stated at SEK 0.40–4.30, compared with a share price of SEK 1.20. The research house assesses that Smoltek is approaching commercialization following validated reliability in semiconductors and progress in hydrogen. A commercial partner is expected in semiconductors in 2027 and in hydrogen in 2028. Redeye estimates revenue of SEK 40 million in 2027 and SEK 77 million in 2028, as well as EBITDA of SEK 1 million and SEK 27 million, respectively. The financing is deemed sufficient to reach positive cash flow if commercialization is not materially delayed beyond 2027.