Bildkälla: Stockfoto

Napatech: Q3 sales below, but upside to our Q4 estimates - ABG

Q3 sales 2% below, 7% underlying growth
Reiterates 2021 guidance: ‘21e sales 5% above ABGSC
Overall positive report: small positive changes to cons

Napatech delivered Q3 sales of DKK 47.2m, up 7% y-o-y and 2% below ABGSC at DKK 48m. Q3 is typically the weakest quarter for Napatech and the small miss is likely explained by slightly lower pent-up demand than we had anticipated. The gross margin was 73%, above our estimate of 69%. EBITDAC was DKK 6.2m (13% margin) vs. ABGSC at DKK 5.3m (11% margin).

Although Q3 sales came in slightly below, the company reiterates its outlook for 2021e which indicates an upside to our estimates. Furthermore, we believe that the strategy to increase investments into Virtualisation is positive as we believe this is a strong potential growth opportunity for Napatech that could enable design wins already in 2022. Overall a positive report that should lead to small positive changes to consensus estimates.
Börsvärldens nyhetsbrev
ANNONSER