Market likely remained challenging in Q4
Napatech's Q4 report is due on 28 Feb. Q3 sales were soft as enterprise orders were affected by challenging macro, which has led to order delays (not cancellations). These customers typically have high margins, and combined with higher component costs, gross margins were also soft. For Q4, the company guides for DKK 45m-75m in revenue and EBITDAC between DKK -18m and 17m. We believe that the market remained challenging in Q4 and consequently estimate DKK 51m in sales and EBITDAC of DKK -5m. Going into 2023 our understanding is that the market remains challenging, and as such we expect growth to be back-end loaded. We forecast DKK 253m in sales, driven by the record-high order from Q2.
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