GomSpace reported Q1’22 revenues of SEK 78m (FactSet cons. SEK 51m), corresponding to growth of 122% y-o-y. The growth was driven by both the lower-margin, engineering-heavy, satellite solutions segment (up 130%) and the higher-margin, product-heavy, sales of platforms, payloads and subsystems (up 89%). The increase in product sales signals improved component availability and helped materially boost the gross margin, which grew 29pp y-o-y, reaching 32.3% (cons. 22.9%). The EBIT margin also beat consensus, reaching 5.3% (cons. -21.4%).
Q1’22 order intake up 74%, driven by high-margin products
Q1 saw order intake of SEK 41.5m, corresponding to growth of 74% y-o-y. The orders received in Q1 were driven by higher-margin product orders, improving the profitability of the total order backlog, which now stands at SEK 502m. However, despite the strong Q1’22, solid order intake and seemingly improved component supply visibility, the FY’22 guidance was reiterated. We expect that the deciding factors for the reiteration were: 1) supply chain – despite improving in Q1, it continues to be volatile, and 2) continued limited supply of skilled engineers, which are needed to drive growth. FY’22 guidance therefore stands at revenues of SEK 264-292m (ABGSCe 281m, cons. 278m) and an EBIT margin of “better than -15% (ABGSCe -12.2%, cons. -13%).
Supply chain outlook remains volatile, but improving
We change our estimates slightly post Q1, to reflect the fact that Q1’22 was strong in terms of sales and indicated that the component scarcity headwinds are slowly improving, despite volatility still being present in the current environment. Overall, we reiterate our scenario-based fair value range of SEK 7-45.
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