Aktieanalys

Napatech: Pipeline continues to increase - ABG

ABG Sundal Collier Publicerad: 23 Aug 07:34

We lower '24e revenue by 21%, but lift '26e by 18%
2nd IPU design win secured, pipeline continues to increase
Ambition of 50-60k units implies P/E of 2.8-5.0x

Weak Q2 for legacy business

Q2 was weak with revenue of DKK 23m, -39% y-o-y and -29% vs. ABGSCe at 33m (EBITDAC -28m vs ABGSCe -15m). We think the weakness in the legacy business to a large degree is driven by NetScout (its largest customer), now ordering much less than normal due to a weak telco market. Q3 has so far been better than Q2 and we think Q3 sales are likely to be up ~50% q-o-q. In addition, Q4 will benefit from: 1) the F5 contract beginning to ramp up, and 2) likely one-time engineering payments. We reduce '24e revenue by 21% to DKK 127m and EBITDAC to DKK -89m.

Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/Napatech/Equity-research/2024/8/napatech---pipeline-continues-to-increase/

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