Good evening, my dears! Fasten your seatbelts, today's story starts with a lot of turbulence.

Actually, after our successful trip to Italy - where we put the perfect, sunny and stable dividend anchor in our portfolio with Snam - we just wanted to fly back home to Denmark and relax.

But the weather gods had other plans. A massive bad weather front over the North Sea forced us to make an unplanned detour deep into the North Atlantic.

We had to make a stopover on the rough, storm-tossed Faroe Islands.

And while we were stuck there, staring out at the choppy sea, we stumbled across a local story that sounds so unbelievably like science fiction that we had to share it with you straight away.

Today, we're throwing our ironclad AOK rationality, all dividend filters and every cash flow rule overboard. It's all about pure innovation. Forget wind turbines. Forget solar. We are now fly kites under water.

Minesto AB $MINEST (+0%)

1. the business model: What does Minesto do?

Minesto (spin-off from Saab) builds so-called "deep green" technology. Imagine a high-tech kite (like kitesurfing) with a turbine. This kite is anchored to the seabed and "flies" underwater in a figure-eight loop through the current. As a result, the water speed at the turbine is extremely accelerated. The result: electricity generation even with very slow ocean currents.

2. market position & the "cool story"

The story is pure science fiction becoming reality. Minesto has a monopoly on this "low-flow" tidal technology. The absolute game changer: unlike wind and sun, with tides you know exactly how much electricity is flowing and when. On the Faroe Islands, they have just connected the "Dragon 12" (a 1.2 megawatt colossus) to the public power grid.

3. key figures (as of March 24, 2026)

The company is based in Sweden and trades in Stockholm.

• Current share price:
  ~ SEK 3.20 (Penny stock alert!)
• ISIN:
  SE0000808209 (Ticker: MINEST.ST)
• Market capitalization: ~ SEK 650m (approx. EUR 57m - a real micro-cap)
• P/E RATIO:
  Negative
• Dividend yield:
  0,0 % ### 4th Core Quality Formula (the total crash)
• Sales growth: Minimal (They are currently living off EU funding, grants and the first tiny electricity feed-ins).
• Operating margin: Deep red (somewhere around -300%).
• Result: Fails my quality formula so badly! This is venture capital on the stock market.

4. cash flow quality formula

• Free cash flow: A massive vacuum cleaner. The development and installation of underwater kites devours millions. They finance themselves through regular capital increases (dilution!).

5th Dividend Filter (Income-Core)

• Judgment: 0,0 %. Anyone asking about dividends here will be thrown directly overboard.

6. future prospects & strategy

The plan for 2026/2027: The Faroe Islands want to switch completely to 100% green energy by 2030. Minesto $MINEST (+0%) is currently building a complete tidal power plant array (Hestfjord project) with the local utility (SEV). If they can prove that they can operate an array of several kites profitably, this will be the proof of concept for the global rollout (Taiwan, UK, New Zealand are already on the mat).

7. competition & substitutability

There are other tidal power plants (like Atlantis Resources), but they need massive currents (like in Scotland) and build huge stationary turbines. Minesto is the only company in the world that can utilize slow currents through the "flying motion". The patent portfolio is bulletproof.

8. chart analysis (pure volatility)

The chart resembles an ECG during a heart attack. From highs of around SEK 25 in the hype years (2020/21), the thing has slipped to around SEK 3.20 due to the harsh reality of raising capital. We are currently in a deep bottoming phase. Every successful grid connection of a new kite causes short-term spikes of 20 to 30 %.

9th Bargain Hunter's List (casino zones)

• Lotto ticket entry: < SEK 3.00
• Fair gambler entry: 3.20 - 3.50 SEC
• Hype target (for worldwide rollout): > 10.00 SEK

10. what does the CEO say?

CEO Martin Edlund is extremely focused. His latest big news: the "Dragon 12" (with a wingspan of 14 meters and weighing 28 tons) is successfully feeding electricity into the Faroe Islands' grid. His clear message for 2026: Away from pure test operation, towards the scaling of real commercial arrays.

11th analyst consensus

There are hardly any analysts who go out on a limb here, apart from a few Scandinavian specialist firms (such as Pareto Securities). The opinion is clear: high-risk bet. Either the company runs out of money in the next few years, or they revolutionize the global base load energy supply and grow tenfold.

MY CONCLUSION

My conclusion: A vision that could change the world

Minesto is the craziest and at the same time most fascinating bet in the Nordic region. Yes, we know it ourselves: This stock breaks every single one of our AOK rules. No dividend, massive cash burn and a micro-cap risk that makes you sweat.

But imagine for a second what would happen if this concept scaled globally. How awesome would that be? A whole world that no longer has to hope for the wind to blow or the sun to shine. Instead, we tap into the infinite power of the tides, which can be calculated down to the minute. Invisible beneath the surface of the sea, without spoiling the landscape.

The Faroe Islands are leading the way and want to switch completely to 100% green energy by 2030 - powered by 28-tonne high-tech kites that sail in the dark, ice-cold water. This is a technological revolution right on our Danish doorstep.

We have now landed safely back in Denmark, but this stormy detour was definitely worth it. Minesto is not a basic investment, but a lottery ticket for the future of our energy supply.

Gladly opinions dear community :)

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