The analysis house gives the company a buy recommendation with a price of 0.60 per share.
Madrid, March 2025 - Checkpoint partners, the analyst firm specializing in the technology sector, has valued Substrate AI's main subsidiaries at more than 40 million euros without taking into account the value of Subgen AI following the company's 2024 earnings preview, which presented positive ebitda for the first time.
With this valuation, the analysis house has given the company as a whole a valuation of 0.60 euros per share and a "buy" recommendation. Substrate AI is currently trading at around 0.10 euros, which would make it tremendously undervalued according to this analysis.
The two subsidiaries on which the report focuses are 4D Médica and Fleebe AI, subsidiaries dedicated to the health and human resources sectors respectively, which are, as announced by the company, in the process of studying options for listing on the markets on their own.
4D Médica, created in 2011 by its CEO Francisco Ramos as a company dedicated to the sale of diagnostic imaging hardware, has become with the transformation undergone within Substrate AI one of the most advanced companies in the use of artificial intelligence for the health sector, pivoting around a vision: "Smart hospitals and clinics". Hospitals and veterinary clinics managed from a heart of artificial intelligence to which everything is connected. Hospitals and veterinary clinics that revolutionize the experience of patients and doctors when treating diseases.
According to 4D Médica, hospitals will be much friendlier places where patients will not have to wait long to be seen and where doctors will have everything they need to treat their patients better and more cost-effectively at their fingertips.
To make this vision a reality, 4D Médica is following a land and expand model, spearheaded by the veterinary sector, where there is a clear need for new tools to help veterinarians in their often solitary work. In addition, it is a sector with less regulation when it comes to applying AI to help professionals in their work.
4D Médica's software currently has four independent modules that address, with the help of AI, patient and financial management, compliance and regulatory compliance, real-time diagnostic imaging, and radiation safety for physicians and patients, all of which are connected to hardware, sold by the company through the internet of things, to ensure that all systems are at the service of AI and can facilitate diagnoses and their respective treatments. This subsidiary has been valued at 30 million euros by Checkpoint according to various methods used by the analysis house.
On the other hand, Fleebe AI is a company dedicated to the world of human resources that offers a 360º service to its clients. Unlike many companies in the HR world that offer partial solutions and only focus on software or only recruitment, Fleebe AI offers a 360º service based on AI that includes from team recruitment to time control, through software solutions for the management and knowledge of the company's employees, helping internal promotion, training and, above all, to make employees and companies more satisfied in their relationships.
This subsidiary has been valued at around 18 million euros by Checkpoint.
Substrate AI holds 70% of 4D Medical and 100% of Fleebe AI so its holdings in these companies would be worth €41 million combined according to this analysis. This would be added to the other subsidiaries and investments to arrive at the €80 million valuation Checkpoint offers and a value of €0.60 per share. This leads Checkpoint to conclude a buy recommendation on Substrate AI shares.
Substrate AI, which floated on BME Growth in May 2022, operates as a holding company for companies that apply and develop artificial intelligence in their sectors with a focus on creating efficiencies that drive the economy on its path to sustainability and emissions neutrality, promoting sector champions in the use of AI in sectors such as healthcare, human resources or agritech.
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