Good visibility for growth until 2028e
Clavister has received a new order from BAE Systems to deliver cybersecurity to its CV90 platform: this time we assess that the likely buyer is Denmark, which has already placed an order with BAE regarding 115 new vehicles. The order value for Clavister is SEK 68m, with an option to increase the value to SEK 96m. This would make Denmark the fifth country to buy the CV90 with Clavister's cybersecurity. The aggregated order value from BAE now stands at ~SEK 340m, of which we estimate that it has delivered ~10% in 2023 and 2024 combined. Based on the received orders, we anticipate that deliveries to BAE will double in 2025e and double again until 2027e (and peak at ~SEK 100m worth of deliveries in 2028e). This is based on one product with one partner, but Clavister has announced that it is working with other European defence companies like General Dynamics Europe, Thales, and a third unnamed European defence company (for which Clavister expects to start deliveries already in 2025, see our fast comment from 20 February).
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