IKT og Tech

rocky_dan
06.11.2019 kl 07:57 2744

https://www.introduce.se/foretag/Napatech/Equity-research/2019/11/napatech---near-term-momentum-and-long-term-ambitions/

We lift sales estimates after a positive Q3 and CMD

Napatech held a CMD at which it gave new three-year aspirations. For ’20-’23e it aims to grow sales by 20-30% vs. our estimate of 17% (previously ABGSC at 15%). It targets a gross margin of 70.8% (ABGSC at 71%) and annualized cost growth of 7-10% (ABGSC at 8%). We evaluate that the market opportunity is large enough for Napatech to deliver and likely exceed these targets. However, we also think that achieving them relies on top-notch business execution. This includes, for example, successfully ramping up sales into new application areas, such as virtualization. We raise our sales estimates by 2%, 5%, and 9% for ’20, ’21 and ’22 respectively after the results. The reason for our higher long-term revisions is that we anticipate that it will take some time to ramp up new sales.
Redigert 21.01.2021 kl 08:25

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