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Substrate AI (BME: SAI)

Last close As at 10/10/2024

EUR0.11

— 0.00 (2.94%)

Market capitalisation

EUR11m

Substrate AI is an artificial intelligence company based in Spain that creates, buys and scales companies around AI in diverse sectors such as fintech, agritech, energy, human resources or health.

It is still early days in the development of the enterprise AI ecosystem, making it difficult to pick the ultimate winners. Success will be determined by several factors: strength of the strategy, execution, technology, agility and access to capital. Substrate AI is putting itself in the mix and if Serenity Star can deliver consistently on its value proposition – to simplify and accelerate the deployment of generative AI enterprise solutions – the potential is significant.

Latest Insights

TMT | Initiation

Substrate AI — AI venture builder
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Sector

TMT

Equity Analyst

Milo Bussell

Analyst, Consumer and TMT

Katherine Thompson

Key Management

  • José Iván García

    CEO

  • Lorenzo Serratosa

    Chairman

Balance Sheet

Forecast net debt (€m)

N/A

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
% 1M 3M 12M
Actual (7.6) (28.9) (54.1)
Relative (11.2) (32.5) (63.1)
52 week high/low €0.3/€0.1

Financials

Substrate AI buys, builds and scales ventures with proprietary artificial intelligence (AI) to transform companies across a range of sectors into AI-driven businesses. Its core technology, Serenity Star, is a platform that gives clients an enterprise framework for rapidly deploying and managing generative AI solutions across their businesses. This platform is used as the basis of the AI transformation programmes of Substrate’s companies and is sold as a model-as-a-service software solution via Subgen AI, the group’s core technology business. The H124 results showed strong year-on-year revenue growth of 256% to €9m with its first period of positive EBITDA at a margin of 18.8%. Substrate recently announced plans to IPO its AI Health business, 4D Médica, having appointed LKS NEXT to undertake the process.

Y/E Jun Revenue (€m) EBITDA (€m) PBT (€m) EPS (fd) (c) P/E (x) P/CF (x)
2022A 3.1 (2.0) (15.6) (52.95) N/A N/A
2023A 8.6 (3.7) (8.2) (19.31) N/A N/A
2024E N/A N/A N/A N/A N/A N/A
2025E N/A N/A N/A N/A N/A N/A

Research

TMT

Initiation

Substrate AI — AI venture builder

Initiation

TMT

Substrate AI — AI venture builder

Thematics

thematic

TMT

MediaWatch – Encouragements and frustrations

thematic

TMT

MediaWatch – Glimpses of positivity

thematic

TMT

MediaWatch – Rinse and repeat

thematic

Consumer

Deutsches Eigenkapitalforum (EKF) 2023 consumer and media
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