With continued headwinds in the consumer electronics market, Aurdel continues to face macro-driven difficulty. However, DistIT is taking measures to rightsize the organisation and to partially deflect the headwinds. The company has reduced its workforce at Aurdel by approximately 30% and is looking to renegotiate some of its larger contracts in Q3. This is likely mostly reflected in consensus estimates given the company's previous statements on restructuring. Overall, we continue to deem DistIT's restructuring efforts as necessary for a sustainable return to profitability.
Valuation and estimate revisions
The share is down ~55% YTD, and is trading at '25e EV/EBIT of ~10x based on our unrevised estimates. Based on mechanical calculations following the report, we anticipate consensus to raise '24e-'26e EBIT estimates by high single digits.
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