The share price in the weeks before the new share issue was in the range 330-340SEK. The average share price can be argued, but approximately 335SEK. This gives an expected share price after the share issue of approximately 5*335SEK+1*240SEK)/(5+1)=319.2SEK
Since then, the swedish currency has weakened 3.7% compared to EUR or
4.9% compared to USD. To compensate for the currency depreciation for foreign investors who exchanged EUR or USD to SEK to buy their shares, the break even share price should be:
EUR: 319.2SEK / (100%-3.7%) = 331.6SEK
USD: 319.2SEK / (100%-4.9%) = 335.6SEK
With the current share price at 322SEK, this means that investors have lost approximately 3-4% since before the share issue was introduced. This arguably made recent share prices below 310SEK a bargain for foreign investors :)
I wonder how SEK currency depreciation affects Arcam. It reduces their purchasing power externally, but hopefully gives them a competitive edge regarding pricing of systems? Any thoughts on this?
