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2/19/2024 9:13:29 AM - Kebni: Tillväxtresan har börjat - Penser Access by Carnegie - Q4 blev det starkaste kvartalet genom tiderna Nettoomsättningen var 37,4 mkr (5,4 mkr), vilket är 592% högre y/y. Justerad EBITDA var -2,0 mkr (-15,6 mkr) och periodens kassaflöde blev -9,2 mkr. Orderboken var på över 200 mkr vid ingången av 2024, efter att bolaget i december erhållit en tredje order från Saab på 58 mkr. Detta ger ett starkt stöd åt bolagets strategiska mål för 2024 om en omsättning på 150-200 mkr, en EBITDA-marginal på 5-10% och ett positivt operativt kassaflöde. Vår bedömning är att Kebni erhåller minst en order från Saab på 80-90 mkr under 2024. Produktionstakten i den nya anläggningen har accelererat under Q4 och vår bedömning är att det fortfarande finns ett stort utrymme att öka produktionen ytterligare de kommande kvartalen innan maxkapaciteten är nådd.
11/1/2023 7:50:36 AM - Kebni: Mixed bag in Q3 – steep growth ahead - Emergers - Despite 29% top-line growth in Q3’23, sales were a bit soft due to a slower-than-anticipated ramp-up of deliveries to Saab. This has led us to lower our FY forecast, while we still expect a significant rise in sales in Q4 and beyond. Now at a stable delivery pace of IMUs, KebNi also reports of other sales-oriented activities within SatCom and Inertial Sensing likely to boost sales in 2024. While the company remains committed to its strategic five-year plan, we have made a slight revision to our gross margin estimate, meaning that we now find support for a fair value of SEK 1.5-2.5 (1.7-2.7) per share, where the reported progress in the scaffolding joint venture, with potential commercialization in 2024, adds an extra option on top.
10/30/2023 10:13:15 AM - Kebni: Serieleveranser till Saab har påbörjats - Penser - <b>Serieproduktion av NLAW-IMUer startade i slutet av tredje kvartalet
10/16/2023 6:30:03 AM - Kebni: Site visit provided clarity on scale-up and insight into ScaffSense venture - Emergers - Our site visit to KebNi's new production facility in Karlskoga not only showed production up and running, but also how it can scale up with increased volumes. We now look forward to the numbers from the first Saab shipments in Q3 (on Oct 27, 2023), hopefully providing an indication of the pace of the ramp-up in Q4’23 and the cost outlook going forward. After the second volume order from Saab and the strengthened cash position following the recent capital raise, we see strong support for a steep ramp-up in sales in 2024-2026, which provide support for our fair value of SEK 1.7-2.7 per share. In addition, the JV scaffolding venture, offering a smart alarm system to prevent scaffolding collapses and construction halts, is now taking shape, with the first pilots in H2’23 and potential initiation of commercialization in 2024.
9/11/2023 4:50:59 AM - Börsveckan ger köpråd för Pandora och Jetpak - Börsveckan ger köpråd för Pandora och Jetpak i den senaste utgåvan. Tidningen lämnar rådet avvakta för Idun Industrier, Biokraft, Clas Ohlson och Kebni.
8/25/2023 9:08:36 AM - KebNi: Redo att skala upp produktionen - Penser - Q2 – ett kvartal då viktiga bitar föll på plats Nettoomsättningen ökade med 3% i Q2 y/y till 7,4 mkr (7,2) och med 38% under första halvåret till 18,3 mkr (13,3). Försäljningen i Q2 drevs av leveranser till IAI, Saab och en återkommande kund Satcom-kund i Polen. Q2 EBIT uppgick till -11,7 mkr (-5,5) vilket belastades med kostnader för etableringen av en ny produktionsanläggning. Kebni fick sin andra stororder från Saab på 80 mkr för leveranser av IMUer till antitankmissilen NLAW. Det totala ordervärdet för NLAW uppgår till 156 mkr och ger ett starkt stöd för Kebni’s mål att nå en omsättning på 150-200 mkr för 2024.
8/25/2023 6:25:43 AM - Kebni: Soft Q2 ahead of ramp-up in H2’23-2026 - Emergers - Sales in Q2’23 of SEK 7.4m were softer than we expected. While we are optimistic about a significant increase in sales in H2’23 driven by the deliveries to Saab initiated in August, the revenues to date and the remaining time in the year lead us to revise our FY’23 forecast from SEK 101m to SEK 85m. With the second volume order from Saab and the recent investor-friendly capital raise, we maintain our forecast of a steep ramp-up in sales in 2024-2026. We continue to find support for a fair value to SEK 1.7-2.7 per share, with Saab volume orders feeding through to sales growth and eventually positive cash flow as the primary catalyst for the share.
8/10/2023 12:17:46 PM - Kebni: Financing and second volume order clear path for sales surge in 2023-2026 - Emergers - Late Wednesday evening KebNi announced that it has raised SEK 29.6m from a group of professional investors, including the two largest of the existing shareholders, and 19 other investors. The price of SEK 1.20 per share represents an 8% discount, making it a quick and cost effective way to secure financing. Combined with the second volume order for IMUs from Saab in June, the path is now cleared to materialise the ramp-up in sales we’re projecting in 2023-2026.
7/24/2023 7:13:32 AM - Kebni får order på IMU:er till gruvbolag värd 4,1 miljoner kronor - Teknikbolaget Kebni har fått en order avseende en ny skräddarsydd tröghetsmätare (IMU) för autonoma underjordiska fordon. Det framgår av ett pressmeddelande.
5/24/2023 9:05:22 AM - Kebni: Rustat för tillväxt - Penser - På rätt väg mot de strategiska målen Omsättningen ökade 80% y/y till 10,8 mkr (6,1), vilket till stor del var drivet av leveranser av satellitantenner till kunden IAI. Utvecklingsprogrammet, som pågått mellan 2013-22, är slutfört och Kebni har nu världens mest testade maritima antenn för militärt bruk. Nu kan försäljningsarbetet intensifieras och breddas till såväl IAI som till nya kunder. Det har under kvartalet fortsatt att komma in ordrar inom Satcom och kvartalet signalerar att Kebni är på rätt väg mot det strategiska målet att omsätta 150-200 mkr 2024. EBIT blev -10 mkr (-12) och kostnaderna ligger i linje med vad man kan förvänta sig i den fas som bolaget befinner sig i.
5/24/2023 8:23:08 AM - Kebni: Broad support for long-term revenue target but cash an increasing concern - Emergers - KebNi reported an 80% revenue growth in Q1’23, to SEK 10.9m, largely due to sales of satellite antennas to IAI. Despite a variety of activities in 2023, the deferral of follow-on orders from Saab for volume series produced IMUs has exerted pressure on the share price. But with production start for Saab only weeks away, this should provide a trigger for Saab to unleash the next phase. Cost increase in Q1 was slightly higher than we had anticipated, likely necessitating a replenishment of the current SEK 19.4m cash reserve within the coming six months. But with a strong operational momentum we see a shareholder loan, a bank loan, a directed issue or a rights issue all as plausible alternatives. Now we continue to find support for a fair value to SEK 1.9-2.9 per share in 12-24m, but keep an extra eye on financing and the next step with Saab.
4/26/2023 9:34:25 AM - Kebni: Tydlig rörelse mot stabilitet - Penser - Ett ”nytt” bolag i lansering- och kommersialiseringsfas… Vi initierar på Kebni som har flera stora produkter i kommersialiseringsfas och som är redo att börja säljas nu. Detta har lett till att bolaget har en rekordstor orderstock och vi ser en kraftig försäljningstillväxt de närmaste åren. Tack vare en bra portfölj med lönsamma produkter och en skalbar organisation räknar vi med att ökade volymer kommer leda till att Kebni kommer vara kassaflödespositiva och lönsamma 2024. Detta blir en stark kontrast mot en historik av förluster och kontinuerliga emissioner.
2/27/2023 7:20:14 AM - Kebni: Great NLAW backdrop yet to translate to the KebNi share - Emergers - With another NLAW order, from Finland of SEK 400m, Saab’s delivery timeline support a revenue scenario for KebNi that exceeds its own revenue targets for 2024. Simultaneously, we find that capacity build-up has been costlier and near term SatCom momentum has been slower than we expected, weighing heavy on EBIT in Q4’22. Interestingly, Saab indicates an extremely bullish long term outlook for NLAW while the past year’s revaluation of Saab has yet to translate to the KebNi share. Now financed throughout 2023, we find support for a hike of our fair value to SEK 1.9-2.9 (1.7-2.8) per share in 12-24m.
12/19/2022 10:06:45 AM - Kebnio: Massive order intake for Saab lowers risk in IMU ramp-up markedly - Emergers - In the first half of December, KebNi’s single most important customer, defence company Saab has received two orders for its handheld antitank weapon NLAW, for 2.9 BN SEK and 900m MSEK, from the UK and Sweden respectively. Being the supplier of IMUs for these units, this is great news for KebNi. We now expect to see follow-on orders on the 76 MSEK Saab order in October, soon. Most likely KebNi can look forward to delivering &gt;4000 IMU units per year in 2023-2026 corresponding to around 130 MSEK in annual revenues from Saab alone. While this is largely in line with our expectations, not least after KebNi’s recent strategy update in late November, it effectively lowers the risk in KebNi, which translates into a reduced discount rate (from 20% to 16%) in our DCF. This motivates a hike in our fair value to 1.7-2.8 (1.4-2.5) SEK per share in 12-24m.
11/18/2022 7:04:49 AM - KEBNI: On track to scale up in 2023 - Emergers - KebNi’s Q3-report provided some further insight into the progress made in setting up volume series production within Inertial Sensing, where Saab, that placed a first SEK 76m volume order in October, is the primary but not the only long term growth driver. While KebNi reported a busy quarter, a softer than expected revenue in Q3 motivates a slight downgrade of our full year revenue forecast to SEK 38 (46)m. The long awaited announcement of KebNi’s revised financial targets is now drawing closer, which we expect will provide support to our expectation of a sharp revenue increase in 2023. This, along with follow-on orders from Saab and new satcom deals, we see as the primary catalysts for the share, and find continued support for a fair value of SEK 1.4-2.1 in 12-24m.
10/17/2022 8:03:35 AM - Kebni: Saab order the portal to next level for KebNi - Emergers - With the SEK 76m volume order for IMUs from Saab, KebNi now enters the next level of monetising its IMU technology. The order however only scratches the surface of the potential with NLAW, as replacing the units the UK has sent to Ukraine represent a potential of over SEK 300m alone. KebNi now enjoys a strong business momentum and strengthened organisation which in short time led to Satcom-portfolio boosting initiatives. With our forecast of a pick-up in H2’22 a and sharp revenue increase in 2023, we find support for a fair value of SEK 1.4-2.1 (1.2-1.8) in 12-24m, and see the announcement of revised financial targets before year end and follow-on orders from Saab as primary catalysts.
8/30/2022 10:39:51 AM - Kebni: Strong momentum with near-term triggers to crystalise further upside potential - Emergers - Besides completing a capital raise in these challenging market conditions, KebNi enjoys strong business momentum with new antenna orders from IAI of SEK 11m and increasing interest for the company’s IMUs. With revenues to date of SEK 16m, we expect the interest and order flow to convert to a pick-up in revenues in H2’22 and maintain our forecast at SEK 46m for the full year. The main triggers for the share remain the first volume order for series production of IMUs for SAAB’s NLAW and KebNi’s revised financial targets, of which both are expected during fall and likely to crystalise the bright outlook. With a doubling since spring, the share price is now close to the low end of our fair value range which we keep unchanged at SEK 1.2-1.8 in 12-24 months.
5/3/2022 10:54:20 AM - Mushrooming opportunities with NLAW redraws the case in Kebni - Emergers - KebNi’s report for Q1 2022 showed revenues largely in line with our estimate (6.2 vs 6.9 MSEK), driven by the postponed deliveries to IAI, with final shipments in April. We continue to expect an acceleration in international activity in Satmission to drive a steep increase in sales in 2022, while we expect the mushrooming opportunities associated with existing and next generation NLAW to drive significant growth from H2 2023 and beyond, implying that we can expect first orders for series production in the coming six months. Until we get a clearer picture of the ramp-up, after the first volume order and KebNi’s revised financial targets, we expect the main impact from NLAW volume production to occur beyond our forecast horizon in 2024, meaning that we keep our topline forecast in 2022-2024 unchanged but now see support for a post-money fair value of SEK 1.2-1.8 (1.1-1.3) per share in 12-24 months.
3/30/2022 6:56:28 AM - KebNi filling its war chest to meet rising demand - Emergers - With over 10,000 units of the NLAW shoulder-fired disposable anti-tank weapon delivered from Britain and Luxembourg to the war in Ukraine, there is now a great need to both restore stockpiles and strengthen defence capabilities in other Russian neighbours. To meet this expected increase in demand for KebNi’s IMUs, which are part of the NLAW, the company now plans to strengthen its coffers with a combination of a fully secured rights issue of units initially of 43.5 MSEK and a directed issue of 10 MSEK. With a potential in NLAW of over 200 MSEK in the UK alone, and other activities that support KebNi’s strategic plan to 2026, we see support for a fair value of SEK 1.1-1.3 (1.2-1.6) per share on a 18-24 months horizon.
3/30/2022 6:56:09 AM - KebNi stärker musklerna för att möta lyft i efterfrågan - Emergers - Med drygt 10 000 enheter av bärbara engångs-antitankvapnet NLAW levererade från Storbritannien och Luxemburg till kriget i Ukraina finns nu ett stort behov av att både återställa lager och stärka försvarsförmågan i andra ryska grannländer. För att möta den förväntade efterfrågeökningen på KebNis IMU, som ingår i NLAW, planerar bolaget nu att stärka kassan med en kombination av en säkerställd företrädesemission av units på initialt 43,5 MSEK och en riktad emission på 10 MSEK. Men en potential i NLAW väl över 200 MSEK enbart till UK, och flera andra aktiviteter som stödjer KebNi strategiska plan till 2026 ser vi nu stöd för ett motiverat värde på 1,1-1,3 (1,2-1,6) SEK per aktie på 18-24 månaders sikt.
3/18/2022 7:02:16 AM - Kebni: Redeye Ceases Coverage - Redeye - Redeye ceases its coverage of Kebni due to the end of the contractual period. Redeye will not provide research following quarterly reports or important business events for the company. Redeye’s rating and fair value range will be inactivated.
2/28/2022 7:39:24 AM - Upplagt för kraftigt lyft i affärsaktivitet för KebNi 2022-2023 - Emergers - Med ökad egen säljkapacitet och utländsk representation, där bolagets partner i Turkiet redan levererat flera affärer, samt ett flertal pågående affärsmöjligheter och utvecklingsprojekt med högt intresse från kunder, ser allt upplagt ut för ett kraftigt lyft i affärsaktivitet 2022 och 2023, vilket ger stöd åt bolagets strategiska mål om positivt rörelseresultat H2 2023. Samtidigt tär satsningarna på kassan och justerat för ett förnyat kapitalbehov under 2022 ger vår prognos stöd för ett motiverat värde på 1,2-1,6 SEK per aktie på 18-24 månaders sikt.
2/28/2022 7:38:57 AM - KebNi set for a sharp rise in business activity 2022-2023 - Emergers - Increased own sales capacity and international representation, with the company’s partner in Turkey already delivering multiple deals, plus a number of ongoing business opportunities and development projects with intense interest from customers, mean everything looks set for a sharp boost in business activity in 2022 and 2023. This lends support to the company’s strategic goal of positive operating profit by H2 2023. That said, these investments are eating up cash, and adjusted for a renewed need for capital in 2022 our forecasts provide support for a fair value of SEK 1.2-1.6 per share on a horizon of 18−24 months.
2/25/2022 11:19:48 AM - Kebni Q4’21: First impression - Redeye - Redeye is happy to see Kebni finishing 2021 on a positive note. Sales in Q4 was clearly higher than we have seen for some time, although we expected even a little more. Deliveries to Israel have been delayed and are now planned for Q1'22. All and all, no drama as Kebni continues to work towards the execution of its strategic plan. We are only making minor adjustments to our near-term forecasts, but recognize that we would like to see more orders announced soon to support our positive view.
11/25/2021 9:00:50 AM - KebNi: Promising new partner deal - Redeye - Redeye is very encouraged by the recently announced distribution agreement with a Turkish company. This new deal could be a major breakthrough for Satmission’s antenna systems. The Q3 report held no big surprises and KebNi’s business projects appear to advance according to plan.
11/18/2021 1:04:05 PM - KebNi Q3’21: Initial comment - Redeye - Redeye hoped for somewhat higher sales in the quarter but overall, the report is basically in line with our expectations. All major business projects appear to progress according to plan. Moreover, the SatCom business posted meaningful revenues for the first time in a while. To some extent Q3 numbers are however overshadowed by yesterday’s announcement of a new partnership in Turkey, expected to generate substantial business in the coming years. This is very promising!
10/29/2021 7:43:03 AM - Kebni: New strategy with payback on investments from 2022 - Emergers - With a new strategic plan for 2022-2026, a product portfolio geared to the forefront of technology, and strong double-digit market growth to support multiple verticals, KebNi will grow its two segments, SatCom and Inertial Sensing, to matching size by 2025. Strong expected growth, especially in IMUs, will translate into positive numbers by 2023/2024, in line with the company’s plan. Meanwhile, the development work has eaten away at the cash reserves and is not expected to be converted into revenues until 2022. Adjusted for a renewed capital requirement during the winter, our forecast now supports a fair value of SEK 1.2-1.8 per share on a horizon of 18-24 months.
10/28/2021 8:29:13 AM - KebNi: Strategic plan 2022-26 - Redeye - Redeye’s view and financial forecasts are unchanged following the announcement of KebNi’s strategic plan for 2022-26. The plan includes some new information regarding the company’s path forward and also some indicative ambitions for financial performance. This will be helpful in trying to understand the company and its business strategy. But nothing sensational that will cause us to revise our estimates. In fact, our financial forecasts appear to be very much in line with KebNi’s ambitions.
8/31/2021 8:42:19 AM - KebNi: Forecasts and valuation revised - Redeye - Redeye has made some revision to our forecasts and valuation following the Q2 report and other recent events. So far in 2021 recorded sales have been very modest and we expect a higher level going forward as KebNi has received several orders, primarily within Satmission. However, break-even is still far off and the company indicates in the report that external financing probably will be required. We expect another rights issue within 6 months which implies some dilution to our valuation. Our Base case fair value is now around SEK 1.25 per share, still suggesting some upside potential.
8/23/2021 12:05:47 PM - Kebni Q2’21: First impression - Redeye - Redeye was surprised to see the very low sales figure recorded in the second quarter. As far as we understood from KebNi’s press releases in May, sales should have been significantly higher. Maybe it has just been postponed to Q3. On a positive note, Opex was well contained and operating loss not too far from what we expected. The SAAB project is proceeding according to plan and KebNi also has other very interesting IMU projects offering significant potential in the coming years. We need to understand the Q2 numbers better before drawing conclusions. But our gut feeling is that our near-term forecasts will be revised somewhat.
7/12/2021 7:35:41 AM - Emergers sätter motiverat värde för Kebni på 2,5-2,9 kronor per aktie - Teknikbolaget Kebnis patentansökan för en första egenutvecklad inertial sensing-applikation öppnar dörren för en ny vertikal med en långsiktig potential i 100 miljonersklassen. Det skriver Emergers i en uppdragsanalys.
7/12/2021 6:48:38 AM - Ställningsbyggen fokus i KebNis nya vertikal med hög potential - Emergers - Patentansökan för KebNis första egenutvecklade inertial sensing-applikation öppnar dörren för en helt ny vertikal med långsiktig potential i 100 miljonersklassen. Med väntad säljstart 2022, partnerskap med marknadsledaren inom byggnadsställningar och möjlighet för snabb expansion till andra tillämpningsområden, räknar vi med att 2021 års utvecklingssatsningar, där bolaget även flyttar fram positionerna inom IMUer och stärker upp sin säljkapacitet rejält, kommer transformera bolagets intäktsprofil framöver.
6/2/2021 9:04:09 AM - Kebni: New Leadership Picking up the Baton - Redeye - Redeye remains optimistic about KebNi’s outlook and future prospects. Following recent share issues, and with new leadership in place, we believe the company is in a good position to execute on its growth plan. We are only making minor adjustments to our forecasts and our Base case fair value of SEK 1.3 per share, still suggests some upside from current levels.
5/25/2021 12:20:36 PM - Kebni Q1: First comment - Redeye - Redeye is not surprised by the weak financial performance in the first quarter. We are still hopeful of a gradual recovery during 2021 as KebNi has announced new orders lately. The company is currently well financed through recent share issues and the new management will thereby be able to execute on its business plan. We will probably only make minor changes to our estimates and valuation at this point.
8/24/2020 5:10:59 AM - Kebni har idag sista dag för handel på Nordic SME före byte till First North - Teknikbolaget Kebni har idag den 24 augusti sista dag för handel på Nordic SME före byte av marknadsplats till Nasdaq First North Growth Market där aktien kommer börja handlas den 25 augusti.
8/21/2020 9:38:55 AM - Kebni får order från Saudiarabien på 1,27 miljoner kronor - Teknikbolaget Kebni har fått ytterligare en order från en kund i Saudiarabien på 1,27 miljoner kronor. Det framgår av ett pressmeddelande.
8/13/2020 12:43:37 PM - Kebni får order av Saab Dynamics inom det ramavtal som tecknats - Teknikbolaget Kebni har fått en ny beställning från Saab Dynamics rörande nästa fas av utvecklingsprogrammet NLAW. De båda parterna tecknade ett ramavtal den 17 juni i år.
8/13/2020 7:45:41 AM - Kebni anställer ny Managing Director för affärsområdet Land Mobile - Teknikbolaget Kebni har anställt Erik Wiberg som ny Managing Director för bolagets affärsområde Land Mobile. Det framgår av ett pressmeddelande.
8/12/2020 1:24:07 PM - Kebni släpper ny antenn för testning hos kunder - Teknikbolaget Kebni har släppt sitt nya strömlinjeformade antennsystem SMP 175DA för testning hos kunder. Det framgår av ett pressmeddelande.
8/6/2020 12:05:28 PM - Kebni byter marknadsplats till First North den 25 augusti - Teknikbolaget Kebni, som tidigare hette ASTG, har godkänts för notering på Nasdaq First North Groth Market med första handelsdag den 25 augusti. Bolaget byter därmed marknadsplats från NGM Nordic SME där sista handelsdag är den 24 augusti. Det framgår av ett pressmeddelande.