Updating forecasts and valuation for recent equity raise We update our estimates to reflect the EUR25.5m equity raise at EUR3.255/sh; a debt facility is expected to provide at least EUR20m of availability following the valuation of the company''s new factory (which provides the security for the loan). Our valuation range falls to EUR8.1-12.1/sh, a reduction of ~9% at the mid-point; our EBIT forecasts remain unchanged. Equity increase covers majority of forecast funding requirement The funding ....