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KEBNI: On track to scale up in 2023 - Emergers

KebNi’s Q3-report provided some further insight into the progress made in setting up volume series production within Inertial Sensing, where Saab, that placed a first SEK 76m volume order in October, is the primary but not the only long term growth driver. While KebNi reported a busy quarter, a softer than expected revenue in Q3 motivates a slight downgrade of our full year revenue forecast to SEK 38 (46)m. The long awaited announcement of KebNi’s revised financial targets is now drawing closer, which we expect will provide support to our expectation of a sharp revenue increase in 2023. This, along with follow-on orders from Saab and new satcom deals, we see as the primary catalysts for the share, and find continued support for a fair value of SEK 1.4-2.1 in 12-24m.

KebNi’s Q3-report provided some further insight into the progress made in setting up volume series production within Inertial Sensing, where Saab, that placed a first SEK 76m volume order in October, is the primary but not the only long term growth driver. While KebNi reported a busy quarter, a softer than expected revenue in Q3 motivates a slight downgrade of our full year revenue forecast to SEK 38 (46)m. The long awaited announcement of KebNi’s revised financial targets is now drawing closer, which we expect will provide support to our expectation of a sharp revenue increase in 2023. This, along with follow-on orders from Saab and new satcom deals, we see as the primary catalysts for the share, and find continued support for a fair value of SEK 1.4-2.1 in 12-24m.
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