Underlying estimates up 2%, FX lifts another 7% in 2023-24e Because we already expected BTS to raise its FY EBITA guidance to “significantly better than” 2021 from “better than”, and we keep our estimates for a US slowdown in H2e, we end up raising our underlying EBITA estimates by 2% driven by the Q2 beat. As we update with a stronger USD (majority of sales), we also lift estimates another 7% in 2023-24e from favourable FX movements.
Valuation below 5-year average BTS operates a cyclical business but has historically managed to handle macro downturns relatively well. This time, the US tech exposure has a negative effect on the current momentum, while other parts of the business remain strong. We are keeping an eye on economic activity and also comments from BTS on net recruitment ahead to understand growth expectations. The current valuation of 14.3x ... Läs mer på ABG Sundal Collier
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