We reduce ‘21e sales by 12% due to the Q1 miss. We remain confident that sales will improve in H2e, supported by the recent order announcements (both services and terminal orders). For 2022-2023e, we keep our leased capacity sales forecast largely unchanged, but push Ovzon-3 related sales from Q3’22 to Q1’23. For 2023, we estimate 20% Ovzon-3 utilisation in Q1, which gradually expands to 85% in Q4. This results in 2023e sales of SEK 651m, a -39% cut from our previous estimate of SEK 878m.
In our view, the rescheduled launch date is an external issue that does not impact the demand for the company’s services and long-term growth opportunities. Neither does it change our view of the likelihood of a successful launch. On our current estimates, the share is trading at 12.5x ’23e EV/EBIT and 6.0x on ‘24e.
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