Napatech: Q3 beat, reiterates FY guidance - ABG

EBITDAC DKK 18m above on higher GM and lower opex
Reiterates FY'23 guidance (corresponding to +20% y-o-y growth)
Still sees caution in IT investments


EBITDAC DKK 17.6m above on higher margin and lower costs

Napatech delivered sales of DKK 49.7m, up 31% y-o-y. This was 4% above our estimate of DKK 47.6m. The gross margin came in at 78%, well above ABGSCe at 64% and consequently gross profit came in 27% above ABGSC. Operating costs were DKK -32.1m, -23% below our estimate of DKK -41.5m. As a result, EBITDAC was DKK 6.6m vs ABGSC at DKK -11m. Furthermore, capex in the quarter was DKK -1.5m, vs. our estimate of DKK -6m. Consequently, EBITDA-capex came in at DKK 6.4m vs. our estimate of DKK -12m. FCFF was DKK -10.3m, vs ABGSC at DKK 0.4m.

Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/Napatech/Equity-research/2023/11/napatech---q3-beat-reiterates-fy-guidance/