ABG Sundal har mod betaling udarbejdet denne analyse af Gomspace:
- Q2 negatively impacted by component shortage
- Very strong back-log of SEK 338m lead to scale up
- We expect a neutral share reaction
Component shortage squeezing margins in Q2’21
FY’21 is proving to be a bit more back-end loaded than initially expected, with Q2 sales (Q2’21 sales of SEK 48m vs. ABGSCe SEK 62m, FactSet cons. SEK 56m) and margin improvements lower than expected. The gross margin for Q2’21 was at 14.3% up from 11% in Q2’20, but below the consensus expected 33.5%. The main reason for the slower sales and margin improvements is due to component shortage continuing to negatively impact the operations, leading to longer delivery times and negatively impacting margins. This is especially negatively impacting their orders for high-margin products.
Generalt om Commissioned Research: Bemærk, at man bør se bort fra eventuelle kursestimater i såkaldt commissioned research, og den underliggende analyse skal også tolkes med forsigtighed, da negative aspekter ikke nødvendigvis fremhæves.
