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Napatech: Large potential but patience is needed - ABG

Expect DKK 34m in sales and EBITDAC of DKK -19m
2023 will be an important year for product development
Fair value range of NOK 10-19 (10-20)


Q1: Expect DKK 34m in sales and EBITDAC of DKK -19m

FY'22 sales were soft, down 19% y-o-y, as challenging macro delayed orders from enterprise customers. Going into '23, our understanding is that this trend continued and that it was further affected by delayed server deliveries. Thus, we expect Q1 sales largely on par with Q4. Note that the Intel payment has been received and will be recognised over the year. With enterprise customers having higher margins, and as component prices continue to be high, we expect a 60% GM, leaving us with a Q1 EBITDAC of DKK -19m
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