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Postive trend should continue - SEB

Demand in the first half of 2023 was solid and we expect it to continue in Q3 with 34% y/y sales growth, with operating leverage contributing to an EBIT margin of 28%. We forecast sales growth of 36% for 2023 and see reason for high growth beyond that, supported by the Philips collaboration at an early stage and a still low attach rate for its technology. We raise our sales estimates by 2% on FX and our new fair value range is SEK 25-30 (28-36).

Demand in the first half of 2023 was solid and we expect it to continue in Q3 with 34% y/y sales growth, with operating leverage contributing to an EBIT margin of 28%. We forecast sales growth of 36% for 2023 and see reason for high growth beyond that, supported by the Philips collaboration at an early stage and a still low attach rate for its technology. We raise our sales estimates by 2% on FX and our new fair value range is SEK 25-30 (28-36).
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