Napatech: Q4 revenues affected by indirect supply issues

Napatech: Q4 revenues affected by indirect supply issues - ABG

‘21E sales guidance -12% due to indirect supply issues Expects ‘22E revenues ~7% below ABGSCe Cons’ ’21-22E revenues to come down by ~6-11%

‘21E sales guidance down 12% due to indirect supply issues Napatech has updated its 2021E revenue guidance to DKK 192-196m. On a midpoint, this is down 12% from the previous guidance of DKK 210-230m and 9% below our estimate of DKK 211m. The updated guidance reflects indirect supply chain impacts and customer deferrals, causing deliveries for Q4 to be pushed out into 2022. This mainly reflects delays in server deliveries among end-user customers, but it is also a result of the expected USD 1-2m pilot order from the Lenovo deal being pushed into 2022. Note that this order was expected to be announced by the company and consequently the delay should not come as a surprise. The underlying demand in Q4 was strong, with an order intake of USD 12.9m, up 42% YoY. Expects 2022 revenues around 7% below ABGSCe Napatech will publish its 2022 guidance in the Q4 report and expects to guide revenues of USD 37-41m, which corresponds to ~DKK 244-270m. We currently estimate revenues in 2022 of DKK 275m, i.e. above the high end of the expected revenues and approximately 7% above the midpoint. This is likely a reflection of the ramp-up in Virtualisation being pushed somewhat following the delayed pilot order. However, it could also reflect the component situation which remains uncertain. Cons to revise down ’21-22E revenues by ~6-11% On the back of the updated revenue guidance from the company, we expect cons to revise down sales estimates for ’21-22E by ~6-11%. However, the underlying demand appears to be strong and consequently the company should regain growth when the supply situation normalizes. Furthermore, we still expect orders within the virtualization segment to materialize, despite the delay, and highlight that the virtualization opportunity represents a strong potential upside to our long-term estimates, if proven successful. Läs mer på Introduce

Napatech: Q4 revenues affected by indirect supply issues - ABG

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