Bittium provided another quarter with strong sales growth driven by Defence & Security. This led to high earnings in D&S, illustrating not only the milestone payments in Spain but also Bittium’s business model scalability. Profitability guidance was hiked. Order intake was at a low level on an absolute basis. While this is seasonally typical for Q3, new clients are needed to continue strong growth. Our fair equity value range is EUR 35-45 (34-44) per share.
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