Carnegie Investment Bank
Fingerprints
Date Title Alternative
2024-05-13 Accelerating the transformation Download | Show Close
2024-05-02 Discontinuing Mobile Download | Show Close
2024-04-29 Rights issue of SEK310m Download | Show Close
Research | 29 Apr 2024 | Fingerprints

Rights issue of SEK310m

 

Accelerating the transformation and cost-savings programme…

The Chinese-centric market for mobile phone sensors is no longer expected to recover, making it unrealistic to believe the mobile segment can achieve profitability. The company will thus accelerate its ongoing transformation plans to substantially reduce its dependence on the mobile phone market and will speed up its cost programme. Cost savings will thus accelerate further. It expects operating expenses to come down from SEK451m in 2023 to SEK180m by the end of H1(24) and to SEK150m by year-end.

…and partly guaranteed rights issue announced

To redeem the outstanding convertible loan of SEK105m and the bridge loan of SEK60m and to cover its working capital requirements, the board has decided on a rights issue of up to SEK310m, of which SEK275m is guaranteed. If the AGM approves this suggestion, the subscription period will be 3–17 June 2024. The terms of the rights issue will be released by 23 May, at the latest. Redeeming the convertible loan will boost the company’s financial flexibility and reduce interest expenses and the debt overhang.

 

Preliminary Q1 figures

Sales grew by 25% Y/Y in Q1, but were down 25% sequentially. The gross margin improved by 160 basis points q/q to 11.1%, but this was still the company’s second-lowest gross margin ever (after 9.5% in Q4(23)). Cash at the end of Q1 was around SEK46m. The company will host a conference call at 15.00 CET on 29 April before releasing Q1 figures in their entirety on 7 May. As we do not currently have all the information with which to assess our fair value, we temporarily cease valuing the company.

 

Download
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