Pandemic increases risk of client delays. We expect satellite launch delays in this nascent market and many of GomSpace’s most important clients are currently facing delays due to funding issues or a crowded/grounded launch market. Most companies need to pass certain milestones (such as satellite launches) to ensure further financing, which adds to delays. Commercial orders have higher gross margins than science orders.
Estimate revisions. We lower our 2020-22 sales estimates slightly, partly on the lower order backlog quarter on quarter. We are awaiting further orders to derisk our 2021-22 growth estimates.
Valuation. We continue to see value in the shares but also acknowledge that this is not without risk, as clients need to progress further with their projects in order for this to materialise, i.e. the outlook for commercial orders needs to become clearer, which might take until within 2021. In addition to estimate revisions, we have removed SEK1 for A&M from our valuation range, which we lower to SEK7-26 (from SEK9-28 previously).
Aktuellt
SENASTE
