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Acconeer: Continued Momentum but Below Estimates - Redeye

Redeye concludes that Q1 came in slightly below estimates, mainly relating to lower NRE sales. Product sales were 9% below estimates but still growing 130% y/y, with module sales above and sensor sales below estimates. Also, Q1 had a record-high 11 customer launches. The component shortage is still a big issue and Acconeer expects this to continue throughout 2022. Redeye will only make minor downward changes to its estimates. Regarding valuation, Redeye will raise this by around 10% due to a revised company rating and a resulting lower WACC.

Redeye concludes that Q1 came in slightly below estimates, mainly relating to lower NRE sales. Product sales were 9% below estimates but still growing 130% y/y, with module sales above and sensor sales below estimates. Also, Q1 had a record-high 11 customer launches. The component shortage is still a big issue and Acconeer expects this to continue throughout 2022. Redeye will only make minor downward changes to its estimates. Regarding valuation, Redeye will raise this by around 10% due to a revised company rating and a resulting lower WACC.
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