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Nyhetsflöde Asetek

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11/6/2023 6:09:25 AM - Asetek: A stellar Q3, but market outlook is uncertain - SEB - Asetek delivered solid Q3 results, driven by product launches and new customer ramp-up. However, the global gaming market outlook is starting to look uncertain for the coming quarters. We have increased our EBIT estimates by 7% and 2% for 2023 and 2024, while leaving our long-term estimates unchanged. Our DCF valuation range is unchanged at DKK 6-12 per share.
11/2/2023 12:17:21 PM - Asetek Q3: Stellar Q3 results, 2023 guidance looks more conservative now - SEB - Asetek delivered solid Q3 results with revenue 20% and EBIT 132% above our estimates. The revenue growth was 96% in the quarter, mainly due to an easy comp in Q3/22, high product launch activity and new OEM customer ramp-up for its liquid cooling products. The 2023 guidance largely unchanged at 40-45% revenue growth and USD 8-9m (previously USD 7-9m), but it looks more conservative now on the back of the strong Q3 results. We are looking into small positive est. revisions.
10/18/2023 2:46:34 PM - Asetek: Set for strong growth on easy comparison base - SEB - We expect strong revenue growth of 63% in Q3/23 on an easy comparison base in Q3/22. The company has raised its 2023 guidance twice, but we think current guidance still looks conservative. Our estimates are unchanged ahead of the Q3 report and we continue to expect 47% revenue growth, above current company guidance of 40-45%. Our valuation range is unchanged at DKK 6-12 per share.
8/10/2023 5:21:58 AM - Asetek: Conservative assumptions for H2 for now - SEB - Based on the better-than-expected results, our EBIT estimates increase by 35% (48% adj. for one-off costs) for 2023, 8% for 2024 and 3% for 2025. We now expect 47% revenue growth for 2023, higher than the company’s new guidance at 40-45%. Our 2023 EBIT estimate increases from USD 6.2m to USD 8.4m, closer to the high end of the new guidance range at USD 7-9m. We slightly update our DCF valuation range to DKK 6-12 (4-12).
8/9/2023 10:29:47 AM - Asetek Q2: A solid report, current guidance range still looks conservative - SEB - Asetek's Q2 results were much better than our expectations. It is positive that the gaming market and its G&E business are improving and sales of new business Simsports are ramping up. The company reiterated the new guidance range it released on 2 August. The higher end of the range assumes a softer H2/23 but this, in our view, seems conservative. We are looking into EPS estimate increases of about 40% for 2023, but much less for 2024 and onwards.
8/2/2023 11:29:10 AM - Asetek: A faster-than-expected market rebound triggered the second guidance upgrade for 2023 - SEB - Asetek just released the second guidance upgrade for 2023. Comparing to the first one released on 7 June, the company now expects revenue growth of 40-45% (previously 25-35%) and EBIT of USD 7-9m (5-7). We understand the upgrade is mainly driven by a faster-than-expected rebound in the gaming market and applying the mid point of the new guidance range, our EBIT estimates need to increase by 30% for 2023, but less for 2024-25. We expect the shares to outperform today.
6/26/2023 5:28:44 AM - Asetek: Braced for a signficant improvement in H2 - SEB - Our EBIT estimates increase by 83% for 2023 and 9% for 2024-25 to reflect Asetek’s significant guidance increase on 8 June. We expect the company to report soft Q2 results on 9 August but a significant improvement in H2. Our DCF valuation range is updated to DKK 4-12 (3-10) per share.
6/22/2023 5:19:24 AM - Asetek: Braced for a signficant improvement in H2 - SEB - Our EBIT estimates increase by 83% for 2023 and 9% for 2024-25 to reflect Asetek’s significant guidance increase on 8 June. We expect the company to report soft Q2 results on 9 August but a significant improvement in H2. Our DCF valuation range is updated to DKK 4-12 (3-10) per share.
6/8/2023 6:19:26 AM - Asetek: Significant guidance upgrade for 2023 - SEB - Asetek released a guidance upgrade last night. The company now expects revenue growth of 25-35% (previously 5-15%) and EBIT of USD 5-7m (previously USD 2-4m). The guidance upgrade is significant. Applying the mid-point of the new guidance range, our EBIT estimates would increase by 70%+ for 2023. The shares are likely to outperform today on the back of this massive profit upgrade.
5/23/2023 5:25:49 AM - Asetek: Moving to the right direction - SEB - Asetek’s Q1 report provided positive readings, including 1) an improved G&E performance and 2) encouraging sales uptake of Simsports products. We increase our EBIT estimates by 19% for 2023 and 1-2% for 2024-25; however, our EPS forecasts fall significantly (68-73%), mainly to reflect dilution from the recently completed capital raise. Our updated DCF valuation range is DKK 3-10 (25-70) per share.
5/22/2023 6:42:02 AM - Asetek: Q1 full results: improved performance in G&E, Simsports sales better than expected - SEB - Asetek has just released full Q1 results. The numbers are in line with its preliminary results (pre-released on 18 April). Our focus today is on the performance of business divisions: G&E business has improved with unit sales 4% below Q1/22 but much better than the last two quarters. The sales of new product category Simsports were better than our expectation. We think the 2023 guidance looks conservative and expect to make small positive EBIT est. revisions .
4/18/2023 1:09:56 PM - Asetek: Our calculation for the post-money valuation multiples - SEB - Asetek has just published a prospectus and terms for its capital raise. The rights issue comprises c. 71.2m new shares and is fully subscribed at a price of NOK 3 per share. We calculate a post-money equity value of c. NOK 470m, which implies a 2023E P/E of c. 21x, based on our current estimates. If Asetek could deliver USD 4m of EBIT (the higher end of its current guidance) and USD 3m of net income, we estimate that the 2023E P/E would only be 11x.
4/18/2023 8:20:55 AM - Asetek: Pre-released Q1 results: Better than expected Q1, 2023 guidance looks more conservative - SEB - Asetek has pre-released its preliminary Q1 results. Q1 obviously was a good start to the year, with revenue returning to growth (up 6% y/y) and significantly better-than-expected gross margins and EBIT. We see signs that the underlying market is starting to improve and if the trend continues, Asetek's current guidance for 2023 will look conservative. We expect to make small positive estimate revisions.
3/9/2023 6:56:30 AM - Asetek: Depressed by rights issue, underlying okay - SEB - The significant increase in new product shipments in Q1/23 tells us that the gaming market and Asetek’s underlying business are improving, but it is unfortunate that the company needs a right issue to cover the cash shortfall caused by the cost of its new headquarters. Our estimates are unchanged after the Q4 report, even though we think 2023 guidance looks conservative.
3/8/2023 8:20:17 AM - Asetek Q4: underlying business seems to be approaching an inflection point, but rights issue to significantly dilute existing shares - SEB - Asetek's Q4 results in line with our est. on revenue but missed on EBIT. 2023 guidance of 5-15% sales growth and USD 2-4m EBIT are in line with our expectations. Along with the release of Q4 results, Asetek announced its plan to raise at least DKK 140m in capital (gross proceeds of USD 20m) in April 2023. This will be a dilution of c. 65% of existing shares. Small est. revisions appear warranted and we expect the shares to underperform on the rights issue.
3/3/2023 10:30:43 AM - Asetek: Approching inflection point - SEB - Asetek will release its Q4 results on 8 March; investor focus will be on 2023 guidance. Despite continued macroeconomic uncertainties, we expect the gaming market to gradually improve driven by new CPU and GPU launches, as well as stablisation of the industry’s inventory reduction. Furthermore, easing shipping costs should support Asetek’s earnings outlook. Our estimates are unchanged, and we see an inflection point in 2023.
11/7/2022 6:20:15 AM - Asetek: Passing a trough in the current downward cycle - SEB - Asetek’s business relies on consumer spending in the global gaming market, for which the demand outlook for 2023 remains highly uncertain. However, after a significant revenue decline in the past five quarters, we think the current cycle has reached a trough. After the Q3 report, our EBIT estimates are cut by 42% for 2023 and 11% for 2024, while our DCF-based valuation range falls to NOK 25-69 (28-73).
11/3/2022 12:36:34 PM - Asetek Q3: Market uncertainty remains high, but stable GM and opex saving programme is on track - SEB - Asetek's full Q3 report and results are in line with the pre-released numbers on 1 November. Our focus in the report is gross margins and opex. Q3 GM was 42.5%, slightly higher than our estimates of 42.0% and 42.3% in Q2/22 and 38.8% in Q3/21. Q3 opex was slightly higher than we expected but the cost saving programme is on track. We continue to expect an annualized total saving of ca. USD 8m in 2023, driven by cost reduction initiatives and reduced legal costs.
11/2/2022 7:16:21 AM - Asetek: Preliminary Q3 results and 2022 guidance resumed - SEB - Asetek has released its preliminary Q3 results and resumed 2022 financial guidance. The preliminary Q3 results are below our estimates. The resumed guidance is USD 50-52m revenue and USD 5-6m operating loss, which is below our expectations of USD 58m revenue and EBIT of USD -1.5m. We expect a significant cut to 2022 estimates. The company is set to release its full Q3 report on 3 November.
10/25/2022 7:00:11 AM - Asetek: Strong focus on profitability - SEB - While weak consumer demand will likely continue to mute sales growth in the global gaming market in H2/22 and 2023, we believe easing freight costs and lower legal costs will protect Asetek’s profitability in the cyclical downturn. As a result, we have increased our EBIT estimates by 23% for 2023 and 5% for 2024. Our DCF valuation range is lowered to NOK 28-73 (29-78) per share, driven by higher estimates but increased WACC of 8% (7.1%).
8/15/2022 6:17:46 PM - Asetek: Navigating rough waters - SEB - As we expect global gaming market demand to continue to decline in H2/22 and 2023, we cut our sales estimates by 17-20% for 2022-23. Asetek is committed to launching its new product category, SimSports, which could provide upside potential to our long-term estimates; however, in the short term, we believe its sales will be impacted by tough market conditions. Our valuation range falls to NOK 29-78 (NOK 39-91) per share.
8/11/2022 11:33:04 AM - Asetek Q2: In line with pre-released results, SimSports' revenues a positive note - SEB - Asetek has released its full Q2 report, with sales and EBIT in line with the pre-released results on 4 August. On a positive note, the full Q2 report shows better than we expected gross margin and SimSports revenue. On a negative note, our current estimates for 2022 and the H2 look too optimistic. The company will host a conference call at 14.00 CET, 11 August. Dial-in numbers: Denmark+45 32714988 Norway+47 21984292 UK+44 (0) 2030595869 Germany+4969566037000 US+17602941674
8/4/2022 6:28:00 AM - Asetek Q2: pre-released results in line with our expectations, but H2 could be challenging - SEB - Asetek has pre-released its Q2 results and suspended its FY guidance. The preliminary Q2 results are in line with our sales estimate and slightly higher on EBIT. However, visibility on the demand side is reduced and it is our impression that the H2 could be weaker than we currently expect. The company has initiated a cost reduction programme (expected annual cost saving of USD 4-5m) with full effect during H2. A further esimate cut is possible.
4/29/2022 5:47:08 AM - Asetek: The headwinds take their toll - SEB - We have lowered our 2022-24 sales estimates by 5%, 8% and 6%, respectively, after the Q1 report. With increased uncertainties in the global gaming market, we lower our sales estimates for G&E. On the other hand, we are increasingly convinced that Simsports can be an important long-term growth driver for Asetek. Our valuation range decreases to NOK 39-91 (NOK 44-102) per share.
4/28/2022 9:26:20 AM - Asetek Q1: Weaker than expected Q1, Simsports product launch is on track - SEB - Q1 results came in weaker than we expected, as the negative impacts from China's Covid lockdown, supply-chain issues and cost inflation etc. in the global gaming market and Asetek's business have been larger than we expected. On a positive note, the Simsports product launch is on track, with USD 1.5m orders, and the backlog at the end of April positively surprised us. Full-year guidance remains unchanged. We are looking into negative estimate revisions.
4/25/2022 12:39:54 PM - Asetek: Risk on the demand side is increasing - SEB - Asetek is due to release its Q1 earnings on 28 April. We think investors will focus on demand from the gaming market, an update on the supply chain, and new product launches. We lower our 2022 organic sales growth estimate from 0% to -3% to reflect the near-term risk of a slowdown in consumer spending. Our DCF valuation range falls to NOK 44-102 (49-108) per share.
3/7/2022 1:41:30 PM - Asetek: Moving in the right direction - SEB - While supply chain challenges continue to cast a shadow in the short term, we argue the long-term growth story in Asetek remains attractive. Although we are increasingly convinced by the sales potential of Simsports, we only factor in conservative estimates, for now. Our earnings estimates are up 6-7% for 2022-24 and our DCF valuation range has increased to NOK 49-108 per share.
3/4/2022 8:02:58 AM - Asetek Q4: slightly better than expected, wide range guidance reflects conservatism - SEB - Q4 results came in slightly better than we expected and guidance range is wider than usual between -5 and 15% revenue growth and USD -1 and USD 5m EBIT for 2022, reflecting continued headwinds from supply chain challenges, pandemic lockdowns and geopolitical tensions. We are currently at the low end of the growth guidance at -5% but at the mid point of EBIT guidance range at USD 3m, and looking into minor est. revisions.
2/22/2022 6:45:28 AM - Asetek: Heads up before the Q4 results - SEB - Investors’ focus will be on 2022 guidance when Asetek releases its Q4 earnings on 4 March. Our estimates remain unchanged ahead of the report. As reflected in Asetek’s recent product launches, we believe the underlying market demand remains solid in its G&E business. However, as supply chain challenges will likely linger in the coming quarters, we expect the company to provide conservative guidance for 2022.
1/11/2022 3:37:38 PM - Asetek: Strong market demand, despite supply-chain challenge remaining - SEB - At SEB's Nordic Seminar, CEO André Sloth Eriksen and CFO Peter Dam Madsen provided a comforting outlook for G&E and upbeat comments about the sales potential of Simsports. Our impression is that the G&E franchise has sustained strong momentum in gaining share with existing customers and winning new customers. Although continued supply-chain challenges are likely to impact Asetek in 2022, we argue that the long-term growth case remains intact.
10/29/2021 5:46:17 AM - Asetek: Short-term uncertainty, long-term conviction - SEB - Despite short-term disruptions, Asetek’s continued strong product pipeline indicates that the underlying market demand for its G&E products remains solid, in our view. While we fine-tune our 2021 estimates, our long-term estimates remain largely unchanged. Our mid-point DCF valuation is unchanged at NOK 70 per share (fair value range of NOK 46-105).
10/28/2021 7:52:34 AM - AsetekQ3: A soft quarter - SEB - Q3 results missed our estimates on the top line and but were in line on gross profit. Q3 EBIT was impacted by one-off items and clean EBIT was USD -3.1m vs. our est. at USD -2.7m. The company has sustained its current 2021 guidance range but is guiding towards the lower end of the revenue guidance range of 10-20%. We currently expect 10% revenue growth and EBIT of USD 0.6m for 2021 and are looking into minor est. revisions.
10/25/2021 1:16:48 PM - Asetek: Heads-up before the results - SEB - Asetek will report its Q3 results on 28 October. Our estimates are unchanged ahead of the report and we continue to forecast -31% sales growth for Q3 (+10% growth for 2021). The G&E business is impacted by short-term disruptions such as supply-chain issues and component shortages. However, as reflected in Asetek's recent product launches, we believe underlying demand remains strong. Our mid-point DCF valuation is unchanged at NOK 70 (fair value range of NOK 46-105).
10/14/2021 2:14:20 PM - Asetek och Pagani signerar samarbetsavtal - Asetek, som tillverkar vattenkylningsprodukter för datacenter och servrar, har ingått avtal med Pagani Automobili avseende produktutveckling samt licensiering och marknadsföring av ett antal av Paganis kommande produkter för marknaden för premium racingsimulatorer. Det framgår av ett pressmeddelande.
9/23/2021 11:42:58 AM - Asetek: A perfect storm - SEB (Oms) - (Omsändning) Asetek is in a perfect storm: the Delta variant outbreak has shut its Chinese contract manufacturer while freight and component costs rise. We see these as short-term impacts with long-term fundamentals in its G&E business remaining intact. However, Asetek’s plan to exit its established Datacenter business came as a shock to us and to the market. We substantially cut our estimates and DCF analysis derives a new valuation range of NOK 46-105.
9/23/2021 8:57:30 AM - Asetek: A perfect storm - SEB - Asetek is in a perfect storm: the Delta variant outbreak has shut its Chinese contract manufacturer while freight and component costs rise. We see these as short-term impacts with long-term fundamentals in its G&E business remaining intact. However, Asetek’s plan to exit its established Datacenter business came as a shock to us and to the market. We substantially cut our estimates and DCF analysis derives a new valuation range of NOK 46-105.
9/22/2021 1:11:26 PM - Asetek - Another massive profit warning - SEB - The liquid cooling technology company Asetek has just sent out another profit warning this year. The COVID-19 shutdowns in its China production have triggered major supply-chain issues for the company. Combined with component shortages and increasing freight costs, Asetek is in a perfect storm. We consider these factors to be short term and think long-term fundamentals remain intact. However, the company's plan to exit its existing Datacenter business is disappointing.
8/13/2021 8:48:37 AM - Asetek: Look through the short-term setbacks - SEB - The leading supplier of liquid cooling technology, Asetek, released soft Q2 earnings and downgraded its earnings guidance. Although some negative margin impacts, an investment ramp-up and normalisation in the gaming market could limit investor sentiment in the short term, we remain positive about the long-term growth potential of its investment story and see significant upside potential from the Datacenter and SimSports franchises.
8/12/2021 11:05:34 AM - Asetek Q2: Larger than expected headwinds trigger earnings cut - SEB - The Q2 report brought a small top-line miss but disappointing earnings. It appears that the headwinds from a weakening USD/RMB and cost inflation have been larger than our expectation. However, we consider those as short-term factors and are unlikely to be extrapolated to our long-term estimates. The company lowered its EBIT guidance to USD 8-12m vs. our estimate at USD 13m. We are likely to make small negative estimate revisions and believe the long-term story is intact.
8/10/2021 5:42:52 AM - Asetek: Another strong quarter ahead - SEB - We expect strong growth to continue in Q2, mainly driven by a combination of easy comps and continued strong demand from the global gaming market. We believe Asetek is on track to deliver the high end of its full-year revenue guidance. However, we have lowered our gross margin assumptions, mainly reflecting short-term cost inflation and negative FX movements. Our mid-point DCF valuation is unchanged at NOK 160 per share.
7/26/2021 10:14:49 AM - Asetek: Game changing legislation is finally in process - SEB - On 14 July 2021, the EU adopted a series of legislative proposals with the target to achieve climate neutrality by 2050. The proposal has included several new provisions that are directed at data center operators, server manufacturers and local authorities to promote waste heat recovery. We consider the new legislation as a potential game changer for Asetek's Datacenter. Our mid-point DCF valuation at NOK 160 but a Bull case on Datacenter points to a fair value of NOK 235.
5/19/2021 6:03:24 AM - Asetek: An attractive small cap gem with bright growth outlook - SEB - At our Small Cap Seminar today, Asetek CEO André Sloth Eriksen and CFO Peter Dam Madsen gave a confident presentation on its bright growth outlook and its target to reach USD 150m revenue by 2025. We assume 14% sales CAGR for 2020-25 and USD 143m revenue for 2025 but conservatively we have not factored in the sales potential from its new product area Simsports, which could provide significant upside to our long term estimates. Our mid-point DCF value is at NOK 160.
4/23/2021 5:48:14 AM - Asetek: An impressive quarter, but more to come - SEB - Despite the extensive shortage in the semiconductor market, Asetek has executed well to exploit the explosive demand from global gaming market. We think customer demand will remain high and the company is on track to deliver the high end of its 2021 guidance. Our EBIT estimates are increased by 2-3% for 2021-23 and our midpoint DCF value is unchanged at NOK 160 per share.
4/22/2021 8:33:44 AM - Asetek: Q1, a solid quarter, high rev. visibility for G&E but some short-term uncertainty for Datacenter - Asetek has delivered a solid Q1 report, beating our estimates on all lines. The strong performance in its G&E business was driven by continued solid demand from global gaming market and its new product launches. We think the revenue visibility for 2021 is higher than normal, which could explain the company's guidance upgrade two weeks ago. We are looking into minor estimate changes and our mid point DCF value remains unchanged at NOK 160 per share.
4/14/2021 7:15:03 AM - Asetek: A strong start to the year - SEB - Asetek will report its Q1 results on 22 April. We think the company’s recent earnings upgrade reflected extremely strong sales in March and increased visibility for the year. It is evident that the market demand remained solid in Q1 and the semiconductor shortage will likely postpone some unfulfilled demand in the coming quarters. We have increased our 2021-23 EBIT estimates by 4-6% and our mid-point DCF value has been raised to NOK 160.
4/7/2021 9:14:49 AM - Asetek: A profit upgrade early in the year - SEB - Asetek has released an earnings upgrade for its 2021 guidance. The sales growth has increased to 20-30%, from 10-20%, and EBIT increased to USD 11-16m, from USD 9-15m. We currently forecast 15% revenue growth and USD 13m EBIT. Applying the mid-point of the new guidance range, our 2021 EBIT estimate will need to go up by ca. 5%. Our current valuation arrives at a mid-point DCF value of NOK 150 per share.
3/11/2021 9:43:37 AM - Oslobörsen petar in sju nya aktier i börsindexet OSEBX - Oslobörsen har meddelat uppdatering av handelsplatsens benchmarkindex, OSEBX, som innehåller sju förändringar med effekt efter stängningen den 19 mars.
3/4/2021 5:05:02 PM - Asetek: CMD, focus on the new product category - SEB - At its CMD today, Asetek reiterated its growth ambition of growing its sales at an average of 15% for the next five years and to reach annual revenue of USD 150m by 2025. We currently estimate 12% sales CAGR for the same period and USD 130m for 2025. We recognise that the new product category could provide decent long-term upside to our estimates, but we remain prudent on our estimates at this early stage. Our estimates and mid-point DCF value of NOK 150 are unchanged.
2/24/2021 10:39:15 PM - Asetek: In full flow - SEB - Asetek – a leading technology company specialising in liquid cooling solutions for PC and data centres – ended 2020 on a high note. We think market demand will remain high in 2021, which should continue to drive strong growth in both business units. Our EBIT estimates are increased by 1-2% for 2021-23 but our midpoint DCF value is unchanged at NOK 150.
2/24/2021 8:10:17 AM - Asetek: Q4, a solid quarter as expected, 2021 guidance looks encouraging - SEB - Q4 results came in with sales and gross profit in line with our expectation but EBIT 6% above our estimate. The company is guiding sales growth of 10-20% for 2021, higher than our expectation at 10%. EBIT guidance at USD 9-15m vs. SEB 13m. Overall a solid quarter and we are looking into small estimate revisions.
2/18/2021 11:43:08 PM - Asetek: Ending on a high note - SEB - n 2020, Asetek benefitted from the lockdowns and staycation trends driving up demand for gaming PCs, and thereby its liquid coolers. Although we expect some normalisation in the global gaming market, we think the company will achieve 10% sales growth in 2021. The shares currently trade at over 40% valuation discount to the Nordic fast-growing peers, which suggests decent upside potential to the current share price.
1/8/2021 8:55:54 AM - Asetek: A better way of cooling - SEB - We initiate coverage on Asetek, a market leader in liquid cooling technology for desktop PCs and data centres. We believe the company will continue to experience double-digit sales growth and margin improvement for the next five years. We see a fair value range of NOK 126-141 per share. The valuation is highly sensitive to assumptions about Asetek’s Datacenter business, which could provide significant upside to our estimates.
11/17/2020 9:31:54 AM - Esports Fund minskade 2,53 procent i oktober - Corsair Gaming och Asetek tar plats i portföljen - Fonden Esports Fund minskade 2,53 procent i oktober, vilket var sämre än fondens jämförelseindex som minskade 2,31 procent. Sedan årsskiftet har fonden minskat 2,53 procent och är därmed bättre än index som har minskat 3,02 procent. Det framgår av en månadsrapport.