First Berlin – OpenLimit Holding AG Research Update (07/01/2019)

First Berlin Equity Research has published a research update on OpenLimit Holding AG (ISIN: CH0022237009). Analyst Dr. Karsten von Blumenthal reiterated his BUY rating and decreased the price target from EUR 0.65 to EUR 0.54.

OpenLimit has issued 7.1m shares at €0.30 per share and received gross proceeds of €2.1m which will be used to reduce liabilities. A strengthened equity position and lower liabilities look set to be supportive for OpenLimit's next growth step following the certification of the first smart meter gateway (SMGW) and the beginning of the SMGW rollout. The share count will increase by 23% to 38.2m and dilutes our price target to €0.54 (previously: €0.65). We reiterate our Buy rating.