Napatech: More design wins the next trigger - ABG

2024 likely to be back-end loaded
Company still expects 3-5 more design wins in 2024
Guidance implies P/E of 4.1-8.2x


We forecast Q2 revenue of DKK 33m

Following a soft Q1 with revenue of DKK 21.5m (inventory reduction at a large customer), we forecast Q2 revenue of DKK 33m, a decline of 14% y-o-y. Napatech has guided for FY'24 revenue of DKK 170-180m, which compares to our revenue estimate of DKK 161m. We expect the year to be back-end loaded, with DKK 107m in revenue in H2 vs. DKK 54m in H1 driven by: 1) no inventory adjustment effects in H2, and 2) USD 2m in non-recurring engineering costs (one-time revenue) related to the first IPU design win.

Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/Napatech/Equity-research/2024/6/napatech---more-design-wins-the-next-trigger/