NuWays:
Mål: 40 (Køb) → 42€ & Køb
High quality beat, siger de.
Faktisk var ordrerne fra våbenproducenter gode og en ny udvikling målt på overblik, selvom Bittium ganske vist har fortalt om deltagelse i f.eks. iMugs-programmer. Kundernes beslutningstagning er hurtigere og mindre præget af politik. Og dette er typisk også ‘sticky business’.
Bemærk: Hvis du installerer NuWays-appen, findes hele opdateringen som PDF dér.
Notably, part of the orders came from weapons manufacturers, an order source that has developed faster than we anticipated, adding a second demand channel alongside national procurement. The CEO named manufacturers of ground-based air defence systems as one such customer group, integrating Bittium’s tactical communications into their platforms.
The robust delivery execution and the even more impressive order intake increase our confidence in a strong finish to the year. Management reiterated its guidance for an H2 weighting, consistent with the seasonality of the past three years. We raise sales estimates for this and the coming years as we see Bittium increasingly gaining traction across customer groups and regions.
In light of the above, we raise our PT to € 42 (old: € 40) and reiterate our BUY rating, based on our DCF model.