Precise Biometrics: Smartphone OEM inventories not so mobile - ABG
We lower '23e-'25e sales by 8-10%
Algo to rebound no earlier than H2'23e
Rights issue implies '23e EV/sales of ~0.9x
What to expect in Q1'23e
We continue to anticipate a weak Algo segment with Q1'23e sales of SEK 13.7m, as smartphone sales have yet to clearly recover from lower consumer demand. We therefore reduce the group's Q1'23e sales by 9% and cut EBITDA to SEK -0.4m from SEK 1.0m. With regard to the Digital Identity segment, we expect to see signs of continual commercialisation efforts and forecast Q1 sales of SEK 6.9m.
Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/Precise-Biometrics/Equity-research/2023/5/precise-biometrics---smartphone-oem-inventories-not-so-mobile/