SHS Viveon AG:Capital raise closed, SHS plans on delivering - BUY

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SHS Viveon reported final FY21 figures, which were mostly in line with preliminary figures. Also, SHS is still evaluating the recent capital increase, which was last reported with a placement ratio of over 30%, consisting of subscriptions by existing shareholders as well as commitments from new investors. Although the capital increase was not fully subscribed, which partially can be attributed to challenging market conditions, the company appears to be content, as it had left enough room for maneuver. SHS will progress with product development and expanding its go-to-market strategy. Top priority is the Supply Chain Compliance solution, which is to be launched in September 2022 in the wake of the Supply Chain Act, which comes into effect in January 2023. We adjust our model to incorporate a lower subscription rate for the capital increase. Theoretically, this has a net positive effect due to lower dilution. However, we keep our PT unchanged to reflect some uncertainties due to possible delays. Our recommendation remains BUY with unchanged PT of EUR 15.50, still offering significant upside potential.

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