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Analyses on Elspec (5)
- April 16, 2026
- March 26, 2026March 26, 2026
- Follow-up
Elspec: Is the cash-flow improvement real or mostly inventory timing
Elspec’s 2025 cash-flow improvement is real, but it is still not clean. The company generated more cash and remained positive on an all-in basis, yet a central part of the improvement came from inventory release and collections while inventory policy remains long, development sp…
- Follow-up
Elspec: How much of 2025 was FX and how much was business
At Elspec, 2025 was not only an FX year, but FX is what turned a weaker business year into one that looks very weak at the profit-before-tax line. After stripping out management’s estimate, a real business shortfall remains in revenue, yet almost all of the decline in profit bef…
- Follow-up
Elspec: How much of the thesis rests on the new G4 before there are sales
Elspec’s new G4 already sits deeply inside the balance sheet and the valuation model, but as of the end of 2025 it still had not moved from certifications, beta exposure and launch preparation into broad commercialization that had been proven in regular sales. A meaningful part…
Elspec in 2025: FX cut the profit, but measurement and cash are holding up
Elspec came out of 2025 with weak headline earnings but a better underlying business than the net profit line suggests: measurement stayed strong, cash improved, and the main challenge has shifted from balance-sheet safety to proving real commercialization of the next generation.
