Aftermarket sales continue to impress
CTT delivered sales of SEK 65m (+5% vs. ABGSCe 62m), +62% y-o-y (34% organically vs. ABGSCe 40%) and +12% q-o-q, driven by strong aftermarket sales (86% of sales, ABGSCe 68%). EBIT reached SEK 34m (+12% vs. ABGSCe 30m), up ~190% y-o-y, for a margin of 51% (ABGSCe 40%, 29% Q3’21). Excluding FX, the margin was still close to 45%. For Q4, CTT guides for revenues of SEK 65-70m (up 54-66% y-o-y, mid-point of SEK 68m, -7% vs. ABGSCe 73m), with higher private jet sales and lower aftermarket sales q-o-q. In addition, the CEO foresees “a few quarters” with low-or-no organic growth due to the ongoing (but slow) ramp-up in OEM sales, and risk of delays in Retrofit and Private jet, while AM sales could normalise to Q2-Q3 levels (avg. of 48m, 192m annualised). However, we believe this mainly relates to H1’23, and that higher demand among airliners as well as a continued normalisation in intercontinental air travel could yield a stronger H2’23.
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