Carnegie Investment Bank
Sensys Gatso Group
Date Title Alternative
2024-04-29 Solid order intake in seasonally weak quarter on earnings front Download | Show Close
2024-02-23 Robust report with clear signs of scalability Download | Show Close
2023-11-17 Accelerating growth in orders, sales, and profits Show Close
2023-06-19 2023 guidance and reverse split prompt updated forecasts and new fair value Show Close
2021-08-19 Stable quarter Show Close
2021-04-29 Sensys Gatso Q1 Show Close
Research | 29 Apr 2021 | Sensys Gatso Group

Sensys Gatso Q1

 

Weak quarter

Sensys Gatso’s sales in individual quarters vary greatly depending on when orders are delivered, so interim results are therefore less signi?cant. Sales in Q1 were SEK 78 million, which was much lower than our estimate of SEK 138 million, mainly because the Saudi order worth SEK 275 million was only about 5% delivered this quarter. However, the delay is only a shift in revenue and does not affect profitability.

Estimate changes

We are making signi?cant estimate changes for 2021. We estimate that about 10% of the delivered order value from Saudi Arabia will be shifted into 2022, and expect much of the order to Costa Rica will be delivered in 2022. Q1 was weaker than we expected, and we are therefore lowering our forecast sales for 2021 to SEK 598 million (704). The adjustments do not affect our long-term forecasts.

 

New valuation

Out estimate changes lead us to lower our fair value from SEK 2.2−2.3 per share to SEK 2.05−2.15. If Sensys Gatso’s forecasts are met and the rest of the Saudi order is delivered in 2021, the current year should eventually be good for the share. Regardless of when the order is delivered to Saudi Arabia, the recent downturn has created a good buying opportunity for the long-term investor who believes in Sensys Gatso.

 

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2021-03-04 Comments on Q4 Show Close
2021-02-11 Thoughts on 2021 Show Close
2020-12-02 Sensys Gatso – Sales up 80% Show Close

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