Gapwaves: Two steps forward, one step back - SEB
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Gapwaves: Two steps forward, one step back - SEB

While the discontinuation of the Bosch agreement increases uncertainty for Gapwaves’ medium-term story, we are encouraged by recent order momentum with new tier ones and an expanded agreement with Smartmicro. To us, this indicates that automotive demand remains strong. We update our estimates for the loss of Bosch, adding new tier ones and the new agreement with Smartmicro. We update our fair value range to SEK 21-28 (27-36).

While the discontinuation of the Bosch agreement increases uncertainty for Gapwaves’ medium-term story, we are encouraged by recent order momentum with new tier ones and an expanded agreement with Smartmicro. To us, this indicates that automotive demand remains strong. We update our estimates for the loss of Bosch, adding new tier ones and the new agreement with Smartmicro. We update our fair value range to SEK 21-28 (27-36).
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