We are discontinuing our coverage of OptiCept as the company has terminated the research service agreement. Consequently, we will no longer be giving a target price (prev. SEK 5.3) or recommendation (prev. Reduce) for the stock. OptiCept is investing in the growth of its patented technology platforms based on Pulsed Electric Fields (PEF) and Vacuum Infusion (VI), which have clear customer benefits and short payback periods. Growth to a larger commercial scale has been slow in recent years, but the success in converting existing pilot projects into concrete orders has clear potential to change this in the coming years. In our view, OptiCept shareholders should pay particular attention to the company's ability to maintain its emerging momentum in FoodTech order intake, as this has a clear impact on how quickly cash flow can become positive.