Kebni: Soft Q2 ahead of ramp-up in H2’23-2026 - Emergers

Sales in Q2’23 of SEK 7.4m were softer than we expected. While we are optimistic about a significant increase in sales in H2’23 driven by the deliveries to Saab initiated in August, the revenues to date and the remaining time in the year lead us to revise our FY’23 forecast from SEK 101m to SEK 85m. With the second volume order from Saab and the recent investor-friendly capital raise, we maintain our forecast of a steep ramp-up in sales in 2024-2026. We continue to find support for a fair value to SEK 1.7-2.7 per share, with Saab volume orders feeding through to sales growth and eventually positive cash flow as the primary catalyst for the share.

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