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
Research | 19 Aug 2021 | Sensys Gatso Group

Stable quarter

 

Stable quarter

Sensys Gatso’s sales in Q2 2021 were SEK 126m (94), and EBIT was SEK 4.6m (-0.9). Sales were almost 10% below our estimate, but growth was 35% and we believe that the quarter was very acceptable given the challenges in 2021. The deviation from our estimate is entirely explained by SEK 10m lower revenues than we expected from Saudi Arabia. Revenues from Saudi Arabia are relatively variable so this does not worry us.

Estimate changes

We believe the company is optimistic about the future. The CEO states in the report that the sales pipeline means order intake will “quite likely” increase in the near future. Furthermore, the company indicates that TRaaS sales may be positively impacted by society reopening, and it retains its target of revenues above SEK 1 billion by 2025 and an EBITDA margin of at least 15%.

 

Valuation retained

The investigations in the Netherlands have been closed, sales grew 35% this quarter and the CEO sounds optimistic about near-term orders. But still the share price continues to fall. What we Cnd most negative in the report was the low order intake during Q2, but in our opinion this was already known as the company had announced relatively few orders during the period. We see a large upside to our fair value of SEK 2.05−2.15.

 

Download (EN)
2021-04-29 Sensys Gatso Q1 Show Close
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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