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Kitron inn i månedsporteføljen til Pareto for Desember.

KIT – BUY, TP NOK 9.3

Kitron has delivered a strong 10% annual revenue growth for 2013-17e despite marine/offshore revenues declining from 17% of total sales to just 1%. Combined with strict cost control, the company has increased its EBIT almost 6-fold in the period, reaching NOK 144m in 2017e. Kitron ambitions EBIT of NOK 210m in 2020, representing another 46% growth from the level realized in 2017e. The share trades at EV/EBIT’17e 10x and dividend yields of 5-7% for 2017-19e, while still deleveraging further from an already cautious gearing of net debt / EBITDA 0.9x per Q3’17. Given the solid growth, we consider this highly attractive. BUY, TP NOK 9.3.