Redeye has a positive view on the recent share issue, where Artificial Solutions (AS) raised SEK 120m (before transaction costs). In particular, we are encouraged to see high-quality institutions such as C WorldWide AM and SEB-Stiftelsen take part in the offering. Furthermore, the capital raise enables AS to bolster its SaaS strategy while also mitigating the risk of financial distress in the near term. However, we also note that the subscription price (SEK 8.5 per share) offers a rather significant discount, ~15% to yesterday's closing. All things being equal, we maintain our fair value range and Base Case of SEK 11.

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