Commissioned research fra Danske Bank.
Analysen er fra den 3. oktober, med en fair value på 50-58 SEK – mod den aktuelle kurs på 33
Positive outlook remains, but is pushed out in time
GomSpace is postponing its 2021 sales target on the back of increased uncertainty with
a key customer. This pushes forward the expected time for break-even. To resolve the
increased capital need, a new issue of SEK300m is proposed. We remain convinced
about the positive long-term prospects for the industry and believe GomSpace has the
right strategy to capitalise on this.
Strategic review. GomSpace is pushing its 2021 SEK820m sales target forward in time, as the conversion from test projects to constellation projects is taking longer than expected to materialise. The key driver for the increased sales risk in the medium term is an increased funding risk for the customer Sky and Space Global. At the same time, GomSpace has introduced a new SEK1.5bn sales target for 2023.
