Carmat announced yesterday the launch of a capital increase for an initial amount of 15 ME as part of its short-term financing.

The analyst believes that, after having suffered from quality problems, the planets are aligned to relaunch the stock in 2024: (i) the industrial tool is fully operational, (ii) Aeson® is a breakthrough technology meeting a substantial need, (iii) future newsflow should be more comprehensive and positive, and (iv) 2024 will be the start of the ramp-up with profitability reached in 2027.

' Our model shows an OC of 13.0E in a scenario diluted by the total estimated financing requirement (150mE) and the equitization of the EIB loan' says Invest Securities.

We recommend subscribing to the transaction (15mE, 61% committed) to take advantage of the discount (-30%), even if this only covers around 30% of the 2024 requirement.

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