Impressive strength in aftermarket momentum (+70% org)
CTT delivered a solid report, as a continued recovery in air travel (and favourable FX) drove 62% sales growth y-o-y (+5% vs. ABGSCe), of which 34% was organic. System sales (OEM, Retrofits, VIP) remained subdued (down ~50% y-o-y organically), but we note that OEM deliveries have historically been resilient in economic downturns, and we expect a continued recovery in 2023 from low levels (above 2019 levels in 2024). The key earnings driver continued to be strong aftermarket (AM) demand (+70% org, 86% of sales), which in turn yielded 51% EBIT margins (ABGSCe 48%, c. 45% FX-adjusted EBIT margins). For Q4, we expect sales of SEK 71m, up ~50% y-o-y organically and slightly above CTT’s guidance of SEK 65-70m, supported by FX, AM and VIP sales.
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