After today’s report, we leave our sales estimates relatively intact. With bottlenecks and quarterly pushbacks as the key factor, we lower our sales by 2.6% for 2021e and 0% for ‘22e-‘23e. On EBIT, we note both a worse-than-expected gross margin and a slightly higher opex build-up, which leads us to reduce our EBIT forecasts by c. SEK 2m for ‘22e-‘23e, with the percentage changes appearing more dramatic than they are on such low numbers.
Value range intact at SEK 5-16
There are three main value drivers to keep track of that have happened since the Q1 report: 1) slightly negative estimates, 2) the new share issue and 3) the buyback of the preferred shares. Given the risk-off related to the capital structure and financing, especially given the cost of capital related to the preferred shares (12% p.a.), we believe the positives balance out the negatives, and reiterate our value range of SEK 5-16 per share.
Aktuellt
SENASTE
