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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.

The earnings upgrade which has occurred early in the year indicates its strong confidence for 2021.
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