In our view, CTT should be even better positioned for growth after the pandemic, as the CEO highlighted plenty of growth opportunities within 1) higher selection rates on OEM programs, 2) new OEM programs, 3) retrofits of dehumidifiers for short-haul and humidifiers for the B787, and 4) the USD 28m p.a. market potential within business jets. Here, we believe it is highly likely that CTT will have a high selection rate on board the Global 7500 and the ACJ220 (USD 13m of the total annual market). By comparison, we forecast VIP sales of ~SEK 120m ‘25e.
11% adj. EBIT CAGR ’19-‘25e, while delivering >30% margins
We reiterate our view that CTT should be able to deliver >20% EBIT growth in 2023e-2025e from 1) highly profitable AM sales, 2) recovering aircraft production rates and 3) the attractive VIP/business jet market. By 2025, we forecast sales of ~SEK 610m (11% org CAGR vs. 2019), an adj. EBIT of ~SEK 210m (11% CAGR), 34% margins and >
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