Modulbostadsbolaget Zenergy has taken an important step toward construction start in Värnamo by securing a conditional construction loan of SEK 64 million and at the same time announcing a rights issue of approximately SEK 33 million before issue costs. This is according to the research house Capalise.According to Capalise, the financing enables construction start for the Värnamo project, which is assessed to have an enterprise value of approximately SEK 108 million, and strengthens the conditions for taking more projects in the company’s portfolio forward. The research house is therefore raising its forecasts and its valuation multiple for the company.At the same time, the fair value per share is lowered as a result of the dilution from the new share issue. Capalise states a fair value of SEK 0.43 per share in the base case, compared with SEK 0.70 per share previously, with a valuation range of SEK 0.36-0.51 per share.