Rankings Construction & materials Spinnova
Spinnova
44
15070100
A view of the same findings, not a new score. How it works
The model found several serious problems. That does not mean the stock will fall.
Biggest deductions
- Margin and returns−10
- Dilution−10
- Quality of growth−8
Strengths
- Liquidity+2
- Validation from brands+1
How the score is built
From 100 to 44, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 3 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 0.41 EUR
- Median analyst target
- –
- Upside to median
- –
- Analysts
- none
- Target range
- –
- 52-week change
- −23%
- P/E (trailing)
- n/a
- Forward P/E
- n/a
- PEG
- n/a
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 4 findings−27 of −30
- −10Margin and returnsRevenue EUR 0.53m over the last 12 months vs an operating result of -21.2m; in H1 2026 revenue was EUR 286,000 and the operating result -6.9m. ROE -62%, ROIC -26%.
- −8Quality of growthFive years after the listing there is still no commercial production: the Woodspin plant stood idle in 2025, test runs were only resumed in April 2026, and the company gives no guidance for 2026. Revenue is product samples and collaboration projects.
- −6Capital allocationAbout EUR 120m was raised in 2021; equity has fallen from EUR 113.9m to 23.8m, and the Woodspin stake was written down by EUR 18.4m in 2025. The market cap has fallen from EUR 688m to 24m.
- −3MoatPatented mechanical fibre process without solvents and brand collaborations (ECCO, JJXX/Jack & Jones), but the economics at large scale are unproven, and the competitors (Lenzing, Circulose, Infinited Fiber) already have commercial capacity.
Price
Today's multiples against the company's own history and its peers. · 1 finding−5 of −35
- −5Multiples vs own history and peersP/B 1.01 vs 0.79 (2025), 0.72 (2024) and 1.43 (2023); EV EUR 11m and EV/Sales 20.5 on minimal revenue. Lenzing trades at P/B 0.40 and EV/Sales 0.97. The price rests on the cash, but it is being diluted by the issue.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 3 findings−21 of −35
- −10DilutionThe extraordinary general meeting 28/9-2026 authorised the board to issue up to 45.9m new shares (87.7% of the share capital) in connection with the US listing on Nasdaq. Inderes estimates a subscription price of about EUR 0.29 at full utilisation, i.e. far below the share price.
- −6Partner left the projectSuzano withdrew from the Woodspin joint venture in 2025, and production stopped; Spinnova took over the whole factory and now stands alone with the financing and the lease obligation (EUR 13.8m). The F-1 prospectus mentions strategic uncertainty about a new partner network.
- −5Execution and management changeTest runs at the Eteläportti factory (target 1,000 tons a year) have only just started with no date for commercial production; the head of product and sustainability leaves in October 2026, and the CTO post has changed.
Plus
Only documented strengths. · 2 findings+3 of +15
- +2LiquidityCash 38.5m EUR (above the market cap of about 23m), net cash 13.2m after loans and leases; Inderes estimates the cash lasts 2-3 years.
- +1Validation from brandsJJXX/Jack & Jones has launched products with Spinnova fiber, ECCO has launched shoes with protein fiber, and a (non-binding) letter of intent has been signed with Tearfil as well as collaborations with Circulose and Sulzer.
Caveats
What the score does not capture, or where the data is weak.
Spinnova develops wood- and waste-based textile fibre; no industry on the list fits, so 'Construction & materials' is chosen as the closest (materials technology). No analysts on stockanalysis (forecast 404). Market cap calculated myself: 52.32m shares × EUR 0.441 = EUR 23.1m ≈ DKK 172m (Nordnet 181). The net cash of EUR 13.2m is after EUR 13.8m in lease debt for the Eteläportti factory (formerly Woodspin) and 9.5m in government product development loans. The announced US issue (min. USD 15m, up to 45.9m new shares) is not yet priced as of 3/10-2026, so the dilution is an estimate (Inderes' estimate: about EUR 0.29 per share at full exercise). Largest owners and short register not checked.
Also in Construction & materials
The highest scores in the same industry.
