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Kebni: Strong momentum with near-term triggers to crystalise further upside potential - Emergers

Besides completing a capital raise in these challenging market conditions, KebNi enjoys strong business momentum with new antenna orders from IAI of SEK 11m and increasing interest for the company’s IMUs. With revenues to date of SEK 16m, we expect the interest and order flow to convert to a pick-up in revenues in H2’22 and maintain our forecast at SEK 46m for the full year. The main triggers for the share remain the first volume order for series production of IMUs for SAAB’s NLAW and KebNi’s revised financial targets, of which both are expected during fall and likely to crystalise the bright outlook. With a doubling since spring, the share price is now close to the low end of our fair value range which we keep unchanged at SEK 1.2-1.8 in 12-24 months.

Besides completing a capital raise in these challenging market conditions, KebNi enjoys strong business momentum with new antenna orders from IAI of SEK 11m and increasing interest for the company’s IMUs. With revenues to date of SEK 16m, we expect the interest and order flow to convert to a pick-up in revenues in H2’22 and maintain our forecast at SEK 46m for the full year. The main triggers for the share remain the first volume order for series production of IMUs for SAAB’s NLAW and KebNi’s revised financial targets, of which both are expected during fall and likely to crystalise the bright outlook. With a doubling since spring, the share price is now close to the low end of our fair value range which we keep unchanged at SEK 1.2-1.8 in 12-24 months.
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