Substrate AI creates value of 0.48 per share with IPO of its subsidiaries according to Checkpoint

Analysts corroborate their buy recommendation

July 2025. Substrate AI, the Spanish artificial intelligence company listed on BME Growth, has created €0.48 per share of value with the IPO of its subsidiaries Subgen AI and 4D Medica as reflected by Checkpoint analysts in their update following the first half results announced by the company.

Of this €0.48, €0.27 belongs to the IPO of Subgen AI through an RTO on the Swedish market that will deliver to Substrate Ai a value of €40 million for its stake in the company. Subgen AI announced in June its agreement to carry out a reverse takeover with the Swedish-listed Magnesense at a valuation of €200 million.

The other 0.19 will be created by the IPO of Substrate Ai's healthcare subsidiary, 4D Medica, on London's LSE at a valuation of €38 million. 4D Medica, 68.4% owned by Substrate AI, announced a reverse takeover deal with a company listed on London's LSE a few months ago and is currently obtaining regulatory approval.

With this on the table, Checkpoint corroborates its "buy" recommendation with a target price of 0.60 euros per share and gives greater certainty on this value, which is 6 times higher than the company's share price, which moves in the 0.10 range.

Substrate AI presented its first-half earnings preview showing comparable growth of 44% and ebitda soaring by 92% to EUR 3 million, beating analysts' estimates.

Checkpoint also points out how the capital raised by Substrate AI in the market, 1.7m, and the dilution created by this, has been offset by the value creation from these IPOs and the new acquisitions presented by the company, the US company Secure HR and the Swiss company Developing Talent.

Substrate AI, listed on BME Growth since May 2022, operates as a holding company for companies that apply artificial intelligence to generate efficiencies and accelerate the transition to a more sustainable economy. It is currently developing a strategic plan that consists of listing its subsidiaries and initiating the development of its computing infrastructure, with its first AI factory in Talavera de la Reina, which it intends to build soon.

LINK TO THE REPORT: SAI.MC July2025