Jun. 16 at 3:28 PM
$SPCB At ~
$12 stock price, I’d frame it this way:
* Base case FV: maybe mid-teens if Sweden stays closer to
$17M.
* Better case FV: low-
$20S if Sweden ramps meaningfully and EBITDA stays strong.
* Bull case:
$25–30+ if Sweden approaches the
$75M budget and the market starts valuing SPCB as a recurring EM platform.
The key question is utilization ramp. Today’s news raises the ceiling materially. It does not yet prove they will hit the ceiling
