Carnegie Investment Bank
Sensys Gatso Group
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2023-11-17 Accelerating growth in orders, sales, and profits Show Close
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2021-03-04 Comments on Q4 Show Close
Research | 4 Mar 2021 | Sensys Gatso Group

Comments on Q4

 

Temporary logistics problems in Saudi Arabia

Net sales in Q4 decreased Y/Y to SEK 134.3m (158.0), which was lower than we expected. The decrease is due to logistics problems in Saudi Arabia, which delayed the delivery of Sensys Gatso’s large order worth SEK 275m. Shipments resumed in February, and we see the situation only as a shift in revenue to 2021. The EBITDA margin of 17.3% (17.2) was strong despite reduced revenues.

Costa Rica and the investigation

Sensys Gatso now believes the Costa Rica project could be launched during H2 2021, which is a clear delay. Our uncertainty about the project has increased, but we still believe the project will happen. Regarding the investigation from 2014, Sensys Gatso has initiated an internal audit that has found no signs of criminal actions. We view this as positive, although uncertainty regarding the investigation remains.

 

Long term prospects intact

In summary, we see the lower sales during Q4 as only a postponement in revenue. Furthermore, the important TRaaS-revenues continued its strong growth by over 20 % Y/Y during the quarter. We believe that the share’s decline after the report has created a good long-term buying opportunity. We still see an upside for the stock of over 50 % to our fair value of SEK 2,2-2,3 per share.

 

Download (EN)
2021-02-11 Thoughts on 2021 Show Close
2020-12-02 Sensys Gatso – Sales up 80% Show Close

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