Minor estimate changes based on preliminary Q2 figures
We have only revised our estimates for 2021 based on the preliminary figures for Q2. Our estimates were already clearly in the upper end of the previous guidance and the impact as such is relatively small on full year figures. Our sales estimate is now at EUR 409.9m (prev. 396.9m) and operating result estimate at EUR 45.0m (44.6m), in the middle of the guidance ranges. Vaisala noted that the shortage of components has increased material and transportation costs, which will have a negative impact on operating result in H2/2021, and we will be following any comments on the potential magnitude of the impact in the upcoming earnings report.
HOLD with a target price of EUR 35.0 (33.0)
Based on the more favourable outlook we have adjusted our target price to EUR 35.0 (33.0). The current rather stretched valuation and potential headwind from component availability/cost limits upside potential. We retain our HOLD-rating.