Clavister: Swedish Armed Forces places new CV90 order - ABG

Should lead to SEK 30-60m order for ClavisterConsensus could lift '26e EBITDA by 8-12%Additional orders for Ukraine on the way?The CV90 order backlog grows largerThe Swedish Armed Forces (FMV) signs a new framework agreement to purchase additional CV90 from BAE System, that most likely include cybersecurity from Clavister. This comes after the Swedish Armed Forces donated 50 CV90’s to Ukraine. FMV did not quantify the number of vehicles included in the contract, but we believe it could be 50-100 initially (including replacement of vehicles sent to Ukraine plus an additional direct shipment to Ukraine), corresponding to a potential order value of SEK ~30-60m for Clavister, and deliveries from 2026. As such, we think this should lead to positive revisions to consensus 2026e of 4-6% on sales and 8-12% on EBTIDA. We also think this announcement increases the possibilities for additional CV90 orders related to Ukraine.Läs mer på ABG Sundal Collier

Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/clavister/Equity-research/2024/5/clavister---swedish-armed-forces-places-new-cv90-order/