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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.

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.
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