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Sensys Gatso: Weak quarter - Penser

Sensys Gatso’s sales in individual quarters vary greatly depending on when orders are delivered, so interim results are therefore less signi?cant. Sales in Q1 were SEK 78 million, which was much lower than our estimate of SEK 138 million, mainly because the Saudi order worth SEK 275 million was only about 5% delivered this quarter. However, the delay is only a shift in revenue and does not aBect profitability.

Out estimate changes lead us to lower our fair value from SEK 2.2−2.3 per share to SEK 2.05−2.15. If Sensys Gatso’s forecasts are met and the rest of the Saudi order is delivered in 2021, the current year should eventually be good for the share. Regardless of when the order is delivered to Saudi Arabia, the recent downturn has created a good buying opportunity for the long-term investor who believes in Sensys Gatso.
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