Here is a high-quality and free analysis of Modylight. 
Modulight said its revenue for 2023 will be around 4 MEUR and its EBIT will deteriorate year-on-year. The guidance marks the third consecutive year of business contraction and a clear shortfall against the company’s own targets. We are revising our forecasts for the coming years moderately downwards with the visibility being very low. With the forecast cuts, the stock still looks expensive both in absolute terms and relative to peers. In the coming year, new commercializations can give greater visibility to the company’s future.